6 crucial questions to ask before consolidating your credit card debt

There are clear dangers to racking up high amounts of credit card debt. But in today's inflationary environment, carrying at least some credit card debt can be tough to avoid. After all, the cost of consumer goods has increased rapidly over the last couple of years. In turn, it could be tough to avoid using your credit card for things like groceries, gas or other necessities, especially if you need to buy a little time before your next paycheck.

If it doesn't, you may need to consider other strategies.What are the total costs associated with debt consolidation? When considering a debt consolidation loan or program, look beyond the monthly payment and interest rate. Factor in any origination fees or other charges that might be associated with the consolidation process. And, be sure to calculate the total cost of consolidation over the life of the loan to ensure it truly saves you money compared to your current debt situation.

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