Consumer debt is a financial concern for millions of Americans, with the average credit card balance coming in at just under $6,000. Although debt can be used as a means to an end when financial emergencies arise, the cost of carrying debt for an extended period of time is high for most adults. That’s because the average interest rate on a credit card is slightly more than 15%,leaving credit card holders with an outstanding balance seemingly paying on the same debt for years. Debt consolidation is a tool that can be used to get out from under the burdens of credit card debt and the high interest rates that go hand in hand. First, though, it is necessary to understand what debt consolidation is – and what it isn’t.
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