Though consolidation can be a smart move, it’s only successful if you pay off the new debt and resist the temptation to run up a balance on your newly freed cards.

Young woman paying with mobile phone at a street market

A new year is a time for resolution-making, and in 2023 you may be especially determined to get control of your finances. For many, that means eliminating high-interest credit card debt. 

Credit card balances were up 15% in the third quarter of 2022 compared to the same quarter in 2021 — the largest increase in 20 years — according to the Federal Reserve's most recent household debt and credit report. Delinquencies, though still at historic lows, are also increasing. And thanks to higher interest rates, carrying a balance is more expensive, making it easier to fall deeper into debt.

Originally published on, part of the TownNews Content Exchange.

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.

Trending Videos