Habits are hard to break. Americans tamed their use of credit cards post-recession, but theyve fallen off the wagon. According to a Lending Tree analysis of new Federal Reserve data, Americans are set to amass $4 trillion in consumer debt which includes non-mortgage debts such as personal loans, auto loans and student loans in addition to credit card balances by year-end. Collectively, they owe more than 26 percent of their income on consumer debt, up from 22 percent eight years ago.
Many people deep in debt are searching for solutions. Is debt consolidation a good option?
With consolidation you combine multiple debts, and ideally reduce the number of creditors…
Read the full article at: https://www.newsday.com/business/debt-consolidation-credit-card-bankruptcy-1.19616951
