Despite the pandemic, Americans are working hard to pay down their debts. Here’s how you can use that consolidation to get ahead of yours. (iStock)
Despite the financial upset of the coronavirus pandemic, Americans are taking charge of their debt and working to pay it down. According to a recent report by the credit bureau TransUnion,the average consumer credit card balance decreased from $5,893 to $5,369 between March and April of this year. In addition, the aggregate excess payment (AEP) on personal loans increased from $194 to $215 in the same time frame.
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Notably, while these two types of debt cannot be refinanced in the same way that mortgage debt or student loan debt can, borrowers who are intereste…
Read the full article at: https://www.foxbusiness.com/money/how-debt-consolidation-helps-expedite-payoff-goals
