IndexCreditCards.com reports that the average American adult has $3,752 in revolving debt – mainly due to credit card debt – and the average American household owns $7,394 in similar debt. Credit card debt reduces spendable income as a result of interest, which increases the cost of the average charged item to approximately double its price. Over 1.2 billion credit cards are currently in use in the United States.
Reasons to Consolidate Debt into a Single Loan
Many Americans hold multiple credit cards with differing balances and interest rates. People who want the convenience of a single payment may wish to investigate debt consolidation.
Ordinarily, home mortgage rates are substantially lower than credit card rates and a second mortgage provides a convenient vehicle for debt consolidation. For example, if a borrower owes $35,000 spread over eight credit card accounts with an average interest rate of 18%, a second mortgage with an interest rate of 8% allows a single payment – even though it will be higher than 8% – and at a lower monthly cost, spread over a longer period.
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