Are you struggling to keep up with two or more monthly debt payments? If so, then debt consolidation might be the right form of debt relief for you. But before you commit, you probably want to know: “How does debt consolidation work? When does it make sense?” In the simplest of terms, it can replace […]
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If you’re struggling to make multiple minimum monthly payments or are turning to payday lenders to cover gaps until payday, debt consolidation may be the solution. But it’s important to understand how it works, the different types of debt consolidation loans and how it will affect your credit score. What Does Debt Consolidation Mean? Debt
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Debt consolidation rolls all of your loans into a single, more manageable plan — but it’s not a silver bullet. In order to succeed, you need to find the best possible loan with the lowest interest rate. Here are the 12 best loans and lenders. Disclaimer: Credit Summit may be affiliated with some of the
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Louisiana is known for letting the good times roll, but that comes at a cost. Louisiana has the third-highest average credit card debt in the U.S. with an average balance of $5,398. The Pelican State also ranks 47th in average household income, with an average of $76,000 annually. The combination of high debt totals and
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Maine boasts one of the highest minimum wage rates in the U.S., currently $13.80 per hour but rising to $14.15 on January 1. However, the state also has seen it’s share of labor issues as the lobstering, paper-making and logging industries have seen large declines. This means the average Maine family has a higher-than-average amount
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Kansans have fared pretty well when it comes to debt, with below-average credit card and non-mortgage debt totals, But that doesn’t mean families aren’t struggling. Many households in the Sunflower State are still struggling to repay debt. If you’re one of them, here’s everything you need to know to become debt-free. How to Become Debt-Free
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With an average debt balance of $50,450, Illinois residents are doing better than most of the rest of the U.S. when it comes to accumulating debt. But that doesn’t mean families aren’t struggling. Many households in the Prairie State are still struggling to repay debt. If you’re one of them, here’s everything you need to
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Georgia ranks No. 1 in the U.S. in non-mortgage household debt at $45,778. This places the Peach State ahead of No. 2 Maryland ($45,663) and No. 3 Texas ($44,850). Unfortunately, Georgians also earn a lower-than-average median household income at $65,030. That’s a bad combo. If you’re a Georgia resident struggling to repay debt, here’s everything
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The Golden State is known for sunny weather, dramatic hillsides, ocean views, the glitter of Hollywood and DisneyLand. But California is also home to skyrocketing costs of living, housing insecurity, high taxes and soaring gas prices. California ranks No. 1 in the U.S. for mortgage debt, owing an average of $161,562 in December 2022. That’s
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The average per-capita debt balance in Arizona is $53,060, while the average income in the state is just $43,650. That means that on average, each resident of owes an average of $9,410 more than they earn in a year. In addition, the state has an older population. More than a million of the state’s 7.2
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