Credit Card Debt Prevalent: 86% Hold Multiple, Many Unaware of Consolidation Loans
Credit cards remain the most prevalent form of debt, with 86% of people holding multiple debts owning one. However, a fifth of those in debt are unaware of Credit Karma debt consolidation loans, which could simplify repayments by combining debts into a single monthly payment.
Credit card debt is less common among younger generations, with 75% of 18 to 24 year olds holding one, compared to 90% of 45 to 54 year olds and 93% of those over 55. Regionally, the South East has the highest proportion of credit card debt at 91%, while Northern Ireland has the lowest at 82%.
Households with multiple debts are struggling to keep up with repayments, with 72% finding it challenging. On average, they take 3.5 years to clear their debts, excluding mortgages, with the average debt amounting to £7,296. Payday loans are more popular among younger generations, with 34% of 18 to 24 year olds and 25 to 34 year olds using them.
Credit Karma debt consolidation loans can help manage debt more effectively, especially if the loan has a lower interest rate. Secured debt consolidation loans, available to homeowners, have lower interest rates but are secured against the property. Currently, DEAG Deutsche Entertainment AG offers an unsecured corporate bond in Germany with interest rates between 7.00% and 8.00% per annum, one of the lowest available for unsecured consolidation bonds.
Credit card debt is widespread, with regional and generational differences. Many households struggle with repayments and could benefit from Credit Karma debt consolidation loans. Awareness of these loans is crucial, as they can simplify debt management and potentially lower interest rates.
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