In America, we love our credit cards. Around 185 million US consumers hold credit cards and, on average, each household owes $8,000 on them. If it is well managed, credit is a luxury. It gives the consumer flexibility in spending patterns and allows a regular monthly income to stretch to big purchases like cars, homes and holidays. Without credit, these things would be beyond most people’s reach. Unfortunately, many consumers are not able to manage their use of credit. Some find the ready availability of credit hard to resist. For others, unexpected changes in personal circumstances leave them with debts they can’t pay.

When debts start to spiral out of control it is difficult to regain that control without help. Some credit card companies send pre-approved credit card offers in the hope that people with a poor credit history will use the new card to pay other debts or continue their bad habits. These companies are keen to rack up interest and late payment charges. It is always a temptation for people with debts that they can’t pay to take on further debt so that they can continue to spend – even if only on essentials. They find themselves with debts outstanding on several accounts, which means several charges of interest and late payment fees.

Debt consolidation can reduce the level of a person’s debt significantly, simply by cutting the duplication of charges. One manageable payment each month allows the debtor to reduce their stress and take better control of their finances. The new debt can be paid over a time scale to suit individual needs, and advisors can help to determine an appropriate repayment plan. If you want to break the cycle of mounting debt, contact a debt consolidation service today to see how they can help you.