It seems like there are countless ways we can go into debt including credit cards, mortgages, student loans, auto payments, medical bills, home equity loans, pay day loans, and personal loans. Despite the booming economy, record stock prices, and low unemployment, many Americans are still struggling with debt. It’s not entirely due to spending habits.
One reason is that state support for higher education has plummeted, so student loans have sky-rocketed as a result. Another is that while corporate America has been earning record profits since the last recession, they have mostly stashed it abroad to avoid taxes, spent it on CEO pay, paid dividends, and bought back their stock rather than raised employee wages or invested in expansion. Most economists expect these habits to continue even after their massive tax cuts.
Thus, for a variety of reasons, people with many debts may find it useful to consolidate debts with fewer lenders or lower interest rates. This may be most useful if you have many credit cards or student loans.
Here are resources for more information:
- reviews.com’s article on debt consolidation. I also noticed that they have reviews on a wide variety of products from A-Z and everyday products to financial needs.
- https://www.debtreductionservices.org/resources/education/resource-center/ – Many articles and services on debt
- Also see my other articles on debt, credit scores, student loans, and credit cards.