Americans had been doing a better job staying out of debt over the last decade, relative to the personal debt levels seen before the Great Recession.But that scenario is changing.
U.S. adults racked up a total of $1.029 trillion in credit card debt at the end of 2017, according to the Federal Reserve.That amounts to $8,732 per U.S. household, the federal government reports. Worse, way too many credit card customers are paying high-interest rates – often at 20% or higher.
With credit card debt so high, and student loan debt rising to astronomical levels, one way to get on the path to financial recovery is to take out a debt consolidation loan.
These loans can save the day for Americans dealing with high debt burdens, if they manage the …
Read the full article at: https://www.thestreet.com/personal-finance/what-is-consolidated-debt-14847767
