Debt consolidation loan

Over the last few years, Americans have been racking up the credit card debt — and the issues that come with it. As of the third quarter of 2024, Americans owed a collective $1.14 trillion in credit card debt, the highest total on record.

That's an increase of more than $27 billion from the prior quarter and amounts to nearly $8,000 in credit card debt for the average cardholder.

Debt consolidation uk

But increasing credit card balances aren't the only issue at play. The average credit card rate is also sitting at a record high of almost 23%, which is driving up the cost of this type of debt. And when you factor in the other economic hurdles we're facing — like inflation and a weakening employment landscape — it's easy to see why an uptick in delinquent credit card payments and maxed-out cards has occurred. 

If you're dealing with similar credit card debt issues, you may be considering debt consolidation as a potential solution.

Debt consolidation involves combining multiple debts into a single loan in order to secure a lower overall interest rate and simplify the

should you consolidate credit card debt before buying a house

when to consolidate credit card debt