Can consolidating debt really save you thousands effortlessly

How Debt Consolidation Can Save You Money

One of the primary benefits of debt consolidation is the potential to save money on interest payments. For instance, if you have several credit cards with high interest rates, consolidating them into a loan with a lower rate can reduce the amount of interest you pay over the life of the loan. According to a report by the Federal Reserve, the average credit card interest rate is around 16%¹, whereas personal loans can have rates as low as 5% to 10% depending on your credit score².