According to Forbes, Americans are carrying a grand total of $1.2 trillion in credit card debt. But Amanda Bruggman, Duluth branch manager at Affinity Plus Federal Credit Union, says debt consolidation programs can help save money while paying down debt.
“When you have maybe more than one debt or debt that has a larger payment, bringing it all together into one, often for a lower interest rate and lower payment, is what we would consider a debt consolidation,” she said.
There are several ways to go about it, including unsecured loans or home equity loans.
For demonstrative purposes, Bruggman showed an example of someone carrying $10,000 of credit card debt. If someone paid $300 a month and never added any more debt,…