As inflation sends the prices of consumer goods and services higher, the Federal Reserve's response to that inflation has pushed interest rates up. That's a painful reality for many who carry balances on credit cards and other debts. After all, credit card minimum payments tend to rise alongside interest rates. And, when you have to find a way to squeeze higher prices for goods and services into your budget, it can be difficult to make extra room for higher payments too.
When debt consolidation programs are betterDebt consolidation programs are typically better than debt consolidation loans when you're having a hard time making your minimum payments or you don't have a good credit score. If you're dealing with financial hardship, your service provider may use your hardship information to negotiate a better deal on your behalf.
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