Recent research reveals a troubling trend: nearly half of American households carry credit card debt. On average, Americans with credit cards have $6,194 in debt, according to a recent Experian analysis and The Federal Reserve Bank reports usage is on the rise.
With credit card debt on the balance sheet for many Americans, consumers are turning to personal loans as a way to reduce financial stress and consolidate balances. “Personal loan interest rates may be lower than your current credit card interest rates,” said fee-only Certified Financial Planner Breanna Reish. “When working through debt they can be used as a tool to pay down debt faster by using a lower interest rate which in turn may result in a lower payment or faster pay down.”
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