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Should I Consolidate My Debt?


If you’re dealing with debt - especially credit card debt and personal loans - you’ve probably been wondering, ‘should I consolidate my debt?’ and you’re certainly not alone. In fact, you’ve got lots of company! According to research data from personal finance website ValuePenguin:

  • For households that have credit card debt, the average balance is about $9,400.
  • More than 41% of U.S. households have credit card debt.
  • There is more than $3.9 trillion in outstanding consumer debt in the U.S., including more than a trillion in revolving debt.
  • People with lower incomes tend to have higher debt, as well as people who live on the East Coast or West Coast.

The good news is, the average credit card debt has decreased since reaching a peak of more than $11,000 in 2016; of course, that’s really only good news if your debt has declined along with the average - not so much for the rest of us who are still laboring under mountains of debt.

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Even if you’ve been steadily plugging away at your debts - credit cards, student loans, personal loans and other unsecured loans - the interest you’re paying is probably eating up the bulk of those payments, with only a small amount going toward the principal. And that means unless something changes, you’re going to be stuck paying off those debts for many, many years. Plus, with all those individual payments, that means you're stuck thinking about your debt several times each month - every time a payment comes due.

But guess what? It’s not hopeless! There’s a solution, but it does take some effort on your part. The answer may lie in debt consolidation - rolling all your debts into one account.

Benefits of Debt Consolidation

The answer to ‘should I consolidate my debt?’ is not the same for everyone. Hopefully, the following points can help you with the decision.

Debt consolidation offers some significant advantages to consumers, especially those who find themselves cash-strapped, living paycheck-to-paycheck and just getting by every month. But even if you're in good financial shape, debt consolidation can still be a good move.

First, when you consolidate your credit cards into one payment, you significantly streamline your budget. Suddenly, instead of remembering multiple due dates and risking multiple late penalties, you have just one payment to think about. You can budget and plan for that single payment - even set up autopay so you don’t need to worry about late charges. Think about how much less stressful that would be!

Plus, when you consolidate credit cards into one payment, there’s a really good chance your interest rate will be lower than at least some of your cards - and often, all of them. That means more of your money can be applied toward the principal instead of being “eaten up” by interest. And that means you can be out of debt faster - probably faster than you realize.

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Where can I consolidate my debt?

If you decide you should consolidate your debt, you’ll need to find a reputable debt consolidation company. That takes a little homework. As with any type of business, there are some "shady" debt companies you'll need to steer clear of. You can start gathering information on debt consolidation companies by reading reviews online.

You can also take advantage of the resources available here at the CareOne website. Browse our article library or you can use our contact form or call us at 1-866-410-5323 to speak with a debt consolidation expert who can help you learn about all your options for paying off your debt and building a better financial future for you and your loved ones. The important thing is to take action - and to get started today!

If you liked this you may also like:

  • How and Where to Get Debt Consolidation Loans for Bad Credit

    If you’re struggling with debt – as many consumers are – you may be looking for a way to pay off your bills and get back on track financially. Debt consolidation loans for bad credit profiles are one way to get out of debt, but you may be wondering where to look if you’ve been turned down by your bank or credit union. Before you go down the wrong road, take some time to realize there are choices for you, regardless of your credit history and financial situation

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