Is a debt consolidation program a good idea?
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. By Angelica Leicht Edited By Matt Richardson May 7, 2024 / 3:10 PM EDT / CBS News Enrolling in a debt consolidation program is one way to resolve your credit card debt, but it won’t make sense for every type of borrower. Getty Images Today’s high-rate environment has made it pretty tough for people to juggle their daily living expenses and their revolving debt. After all, when interest rates are high overall, variable-rate debt, like credit card debt , tends to cost a lot more than it otherwise would. And, with the average credit card rate currently closing in on 22%, and persistent inflation pushing prices higher on housing, gas and food, it’s easy to see why many people’s paychecks are being stretched thin. These types of debts could get a bit easier to manage if interest rates decline in the future, but it’s unclear if and when that will happen. While many experts expected the Federal Reserve to start slashing rates mid-year, the