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Editor’s Note: This is an updated version of a post we originally published in June 2015.

When it comes to debt, the numbers aren’t pretty: The average U. household has ,706 in unpaid credit card balances, according to Nerd



People talk all day long about their workouts, favorite apps, and their love lives, but bring up the subject of money, especially credit card debt, and suddenly everyone clams up.The lower the ratio, the better it is for your credit rating.To illustrate: If you transfer ,000 from three different cards to a single card with a ,000 limit, and then close the three original card accounts, you’ll end up with a ,000 balance on the one new card.“Money is the last taboo subject,” said So Fi Chief Operating Officer Joanne Bradford in a May episode of the Digiday podcast. They’re uncomfortable with talking about how much they make, how much they save, what they can do with it.” According to the American Psychological Association’s latest “Stress In America” report, money is the number one cause of stress—ahead of work, family, and health concerns.

So unless you’re expecting a windfall from a long-lost relative (who probably didn’t talk about money either), it’s up to you to come up with a game plan to manage your finances.What you don’t want to do is consolidate your debt and then go right back to racking up high balances.



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