Having your debt sent to collections is never a good thing, but there are some easy ways to tackle what you owe.
Over the past couple of years, the rapidly rising cost of debt has dealt a severe blow to many households. As the Federal Reserve aggressively raised its benchmark interest rate to combat stubborn inflation, the rates on credit cards, home equity lines of credit and other variable loans climbed in lockstep. And, while the Fed has opted not to raise rates at its last few meetings, the benchmark rate is currently paused at a 23-year high, which is keeping borrowing costs elevated.
A major benefit of using debt consolidation is the potential savings from reduced interest costs over the long run. With creditors willing to drastically lower the applicable interest rates, more of your monthly payment goes towards principal reduction instead of perpetually churning interest fees. And, the option to roll both your credit card debts and your debts in collections into the consolidated debt simplifies the process of repaying what you owe across the board.
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