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Before you start the debt consolidation process, make sure you know what you’re getting into right now. / Credit: Getty Images/iStockphoto
High credit card debt has become a defining hallmark of the current economic landscape. The total credit card debt nationwide is currently sitting at over $1.23 trillion, the latest record high, and at today’s rates, the average cardholder is carrying a balance that costs them significantly more than it did just a few years ago. As a result, a substantial portion of every minimum credit card payment goes straight to covering the interest charges rather than reducing the principal balance. And…