If you’re swimming in credit card debt, it’s easy to figure out conventional ways to get rid of it. You might take out a debt consolidation loan, for instance, or transfer the balance from a high-interest credit card to a card offering a special no-interest period.
If you find it hard to believe you’ll ever be debt-free, you’re certainly not alone. You’re in the same boat as around two-thirds of Americans.
Debt consolidation allows you to roll multiple account balances into a single debt. That leaves you with one big payment instead of multiple. The hope is that it will make your debt easier to manage, and help you to pay off your debt more quickly. But those are just a couple of the potential upsides. In fact, there are probably more benefits of debt consolidation than you realize.
Whether you went wild with holiday shopping or were hit with unexpected medical bills, it can seem scary to conquer the mountain of debt you’ve accumulated. You’re not alone, of course: Millions of Americans share your struggle. Fortunately, debt consolidation loans can help you can scale that mountain of debt.
After the holidays, the debt you’ve built up to buy gifts can feel heavier than Santa’s bag of toys. However, you might be able to lighten the load by consolidating your holiday debt.
If you’re having trouble juggling payments on a few credit cards and the interest rates on those debts are sky-high, it might be time to look into a debt consolidation loan.