After using my credit cards to pay for my extensive medical bills, I was suddenly drowning in debt. Thanks to the high interest rate on my cards, my balance continued to balloon. Desperate for a solution, I thought credit card consolidation would solve my problems, but it backfired terribly. That wasnt the fault of debt consolidation; it was my own poor decisions that made it ineffective.
My situation isnt unusual. According to Experians State of Credit report, American households have $6,354 in credit card debt, on average. With high interest rates, its easy for that debt to spiral out of control, so many people turn to debt consolidation for help.
Although credit card consolidation can be a useful tool to o…
Read the full article at: https://www.bankrate.com/personal-finance/debt/mistakes-when-consolidating-debt/
