If you're a maxed-out borrower who needs to pay off your credit card debt, these debt relief strategies can help.
Credit card debt is an ongoing issue for many Americans, and under the weight of today's economic challenges, these types of issues are compounding. For example, about one in seven of Gen Z credit card users have maxed out their credit cards, according to recent research from the New York Fed. But it's not just Gen Z that is struggling. Almost one in five credit card users overall are maxed out, and nearly 9% of credit card debts were considered delinquent in Q1 2024.
By taking out a debt consolidation loan through a debt consolidation program, you'll typically get a lower interest rate compared to your credit cards. In turn, the total interest costs are reduced over the repayment period. This makes your debt easier, and often cheaper, to pay off over time.
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