Debt consolidation may seem like an easy solution to your credit card debt, but it may not work in every situation.
Despite inflation cooling and interest rates starting to fall, many Americans are still feeling the pressure from the higher costs of everyday goods and services. Over the last couple of years, inflation pushed the prices of groceries, gas and housing higher, stretching budgets thin, and even with recent improvements, it's still a tough time to carry credit card debt.
Who should consider debt consolidation?Debt consolidation might be the right option if:You have high-rate credit card debt: The higher the interest rates you're paying now, the more likely you'll benefit from consolidating your debt into a lower-interest loan.You have good credit: If you have a FICO score of 670 or higher, you'll likely qualify for lower rates on a loan, making consolidation more cost-effective.
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