Debt has become an increasingly expensive problem to carry over the last few years. While borrowing costs have largely stabilized as the Federal Reserve has kept rates paused since the start of the year, millions of Americans are still carrying high-rate credit card balances, and at an average of nearly 22%, the compounding interest charges make it difficult to meaningfully reduce what’s owed. Month after month, the minimum payments often do little more than keep accounts current while interest continues to pile on.
That financial pressure has prompted many borrowers to look beyond traditional repayment strategies for ways to tackle their debt. Rather than simply paying down their revolving balances over time, some borrowers are