By Jackie Veling
Credit card balances, delinquencies and interest rates are up, making it tougher to get out of debt.
This article is reprinted by permission from NerdWallet.
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 fa…
Read the full article at: https://www.morningstar.com/news/marketwatch/2023012434/consolidating-credit-card-debt-can-help-you-pay-it-off-faster-heres-how-to-do-it