After several tough years economically, many Americans are struggling with debt. According to a TransUnion report, from the end of 2021 to the end of 2022, total credit card balances rose from $930 billion to $785 billion, and total balances rose from $167 billion to $222 billion.
The average borrower has $5,805 in credit card debt and $11,116 in personal loans. With the average credit card interest rate hovering around 24% and the average personal loan rate between 6% and 10%, it’s not surprising that delinquencies have also risen.
If you’re having trouble making your debt repayments or you’re paying a mountain of inter…
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