Credit cards carry high interest rates and have repayment schedules that drag debts out and cost borrowers a lot.
Deciding to consolidate credit card debt can help pay off credit cards faster and save on interest.
Sometimes you reach a point where debt becomes overwhelming.
Late payments, medical bills and personal emergencies can all add to a mounting amount of debt.
If you feel like you’re drowning in credit card debt, you might be one of those determined to pay it all off in 2017.
It’s common to pay between 17% APR and 22% APR on your credit cards.In most cases, credit card consolidation is a wise decision if you are able to get a lower interest rate with the new company at no or minimal cost to you.A credit card balance of ,000 with a 19.9% interest rate could cost you as much as ,985 in interest charges alone in a year if you continue to carry the same ,000 principal amount.The 2016 Q3 financial account report from the Federal Reserve shows Americans owe .35 trillion total in all debts. That’s a lot of debt and a lot of credit card debt.So it’s no surprise paying down debt is the number one money resolution for 2017, according to Student Loan Hero’s New Year’s Resolution survey.The top performers in our review are National Debt Relief, the Gold Award winner; New Era Debt Solutions, the Silver Award winner; and Accredited Debt Relief, the Bronze Award winner.