A new year is a time for resolution-making, and in 2023 you may be especially determined to get control of your finances. For many, that means eliminating high-interest credit card debt.
Credit card balances were up 15% in the third quarter of 2022 compared to the same quarter in 2021 the largest increase in 20 years according to the Federal Reserve’s most recent household debt and credit report. Delinquencies, though still at historic lows, are also increasing. And thanks to higher interest rates, carrying a balance is more expensive, making it easier to fall deeper into debt.
But there’s a strategy that can help. Debt consolidation, a process that rolls multiple debts into one monthly payment at a lower interest rate, can be …
Read the full article at: https://www.nerdwallet.com/article/loans/personal-loans/consolidate-credit-card-debt-in-the-new-year