-- Americans’ revolving debt, the bulk of which is credit card balances, hit $1.0645 trillion in April 2019, according to the Federal Reserve. Revolving debt clocked in at over $1 trillion for the first time since the Great Recession in September 2017. The amount of average credit card debt has been steadily increasing, after dipping in the wake of the Great Recession. Balances have been creeping up since then at a national level, though some states have seen decreases.
One solution many borrowers have been turning to is debt consolidation. Debt consolidation loans are used to pay off and simplify existing debt by consolidating multiple payments and accounts into a single account with one lender and payment. They are a specific type of personal loan. Debt consolidation loan are on the rise in the US and as a result a large number of consumers are choosing to consolidate their high interest credit card debt. In line with this trend, New Fidelity Funding is providing excellent service to the consumers they are attracting.
According to the New Fidelity Funding reviews, the company offers a range of services, like deb consolidation, that consumers have been very happy with. According to Ryan, product reviewer, “They work very quickly.”. With all of that original debt paid, the debt consolidation loan then functions just like any other kind of installment loan — you begin paying it off in equal monthly payments. Paying off a debt consolidation loan is typically simpler than paying off several credit card or loan balances. You’ll have just one monthly payment, paying off the loan over a defined length of time.
Crucially, though, taking on a debt consolidation loan only makes financial sense if you’re able to get a lower interest rate than you previously paid on your balances.
Each consumer has different needs, and many lenders offer specializations designed to meet them. The list identifies the best debt consolidation loan company based on factors such as eligibility, interest rates and various useful features. You can use this to find the best fit for your specific credit background and needs.
It does not mean that taking a debt consolidation loan is bad but taking it through a legitimate lender is more important to avoid worsening your situation.
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