In 2019, consumer debt in the US was rapidly approaching $14 trillion. That’s more than $40,000 for every man, woman, and child in the country.
Debt in itself isn’t a bad thing. Without debt, very few of us would be able to buy our own homes or drive a new car.
It’s when debt gets out of control that you need to worry. If you’re struggling to make repayments or just covering the bare minimum each month then you may be thinking about debt consolidation.