Options for consolidating credit card debt
The goal is to eliminate debt by reducing interest rates and fees, while providing a lower monthly payment.
Under the debt management plan, you promise to pay back the full principal over time.
Otherwise that fresh start you’re hoping for, with your credit card balances on 1 card, could just make a bad situation worse.In other words, we’re not making enough money to cover the expenses we take on.Beyond keeping up with daily expenses, irresponsible spending has taken a toll.This is the last-ditch solution if your financial situation has become so overwhelming that there doesn’t appear to be a way out.Bankruptcy offers a “fresh start” though with lots of restrictive conditions.
Despite that apparent disdain, the debt load for Americans keeps rising.