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Considering Debt Consolidation? Here’s What You Should Know

If you are in debt, you are not alone. American household debt alone totals $14.6 trillion! This is because the average American has over $90,000 in debt. Many people are struggling to manage that debt, especially after the impact the pandemic had on businesses and jobs.

For those who have debt split over multiple credit cards and loans, with differing interest rates, debt consolidation may be a serious consideration. What is debt consideration and is it actually a good idea?

Let’s take a look at what debt consolidation means and its pros and cons.

This post originally appeared at MoneyMiniBlog.