Were you enticed by the perks of a store credit card this shopping season? Did you overuse your credit cards? Don’t panic—debt consolidation can help. Debt consolidation can reduce the amount of interest you’ll pay on your purchases and, in some cases, lower your monthly payments. Here’s what you need to know about debt consolidation.
Take inventory of your current credit cards. Count your total number of cards, their balances and minimum monthly payments. Before you can make any changes to your spending habits you first should understand where you stand.