Credit card consolidation uk

Over the last few years, Americans have been racking up the credit card debt — and the issues that come with it. As of the third quarter of 2024, Americans owed a collective $1.14 trillion in credit card debt, the highest total on record.

That's an increase of more than $27 billion from the prior quarter and amounts to nearly $8,000 in credit card debt for the average cardholder.  

But increasing credit card balances aren't the only issue at play.

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The average credit card rate is also sitting at a record high of almost 23%, which is driving up the cost of this type of debt. And when you factor in the other economic hurdles we're facing — like inflation and a weakening employment landscape — it's easy to see why an uptick in delinquent credit card payments and maxed-out cards has occurred. 

If you're dealing with similar credit card debt issues, you may be considering debt consolidation as a potential solution.

Debt consolidation involves combining multiple debts into a single loan in order to secure a lower overall interest rate and simplify the

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