But the restart comes at a tricky time for Americans’ finances. Credit card debt is at a record high — $1 trillion, according to the Federal Reserve Bank of New York — and student loan borrowers may struggle to prioritize different types of debt.
“Lenders made up for lost time, and then some,” Pagel says. “There was just a lot of adding to credit, and consumers that had student loans in forbearance were not immune from that.” “If worse comes to worst with the federal system, you can ask for forbearance,” Chacon says. “But with credit cards, there’s no forbearance to protect you.”
Fixed-rate debt consolidation loans are available to borrowers across the credit spectrum at banks, credit unions and online lenders. As long as you qualify for a rate lower than the rate on your credit cards, you’ll save money on interest.If consolidating isn’t an option, you can use popular DIY strategies, like the snowball or avalanche methods.
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