Research indicates that the mental load of managing multiple debts is as damaging as the financial cost. 2026 Credit Card Debt Statistics | LendingTree
: Despite high balances, TransUnion reports that annual debt growth is cooling to 2.3% in 2026, down from the double-digit spikes of 2022 and 2023. The Psychology of Consolidation card consolidate credit debt
: For a standard $6,523 balance at 19% APR , making only minimum payments would take 170 months and cost nearly $6,500 in interest. Research indicates that the mental load of managing
: New credit card offers average 23.75% APR , making it nearly impossible to pay down principal through minimum payments alone. 523 balance at 19% APR