Going into debt with credit cards is more common than you’d think. Sometimes, life just happens. Maybe it was a root canal or a few spontaneous vacations, but nearly 2 in 5 creditworthy Americans find themselves currently in credit card debt.
With a credit card, you can make numerous transactions and spend up to your credit limit. You just need to be sure to stick to the terms of your credit card agreement, make your payments on time and stay within your credit limit. But even if you make all your monthly payments on time, you could still end up putting unexpected expenses on your credit card, landing you deeper in debt.
It turns out that many Americans find themselves worried about money and some even say that they highly stress over their finances.
If you’ve had to spend on big-ticket items left and right, like the honeymoon in Maui, a surgery for a torn ACL or fixing up your vintage car, the bills can unexpectedly pile up.
This is where credit card debt consolidation with a personal loan comes in handy. 77% of creditworthy Americans who are currently in credit card debt don’t know that a personal loan can be used to pay off that debt.