If you feel like your debt has gotten out of control, you may be considering all your options to remedy the problem. Debt consolidation is an appealing option to many people because it allows them to take all their debts and combine them into one payment. Also, the debt consolidation loan may have a lower interest rate than some of the original debts had.
Getting out from under credit card debt
Credit card debt continues to grow in the United States, with balances reaching $900 billion by the end of 2018, according to the Consumer Financial Protection Bureau. The agency’s latest report says 28% of people with credit card debt have been turned over to debt collectors.
