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You know those commercials you see that say they help you “get of debt the quick and easy way?” Debt consolidation companies can paint a very rosy picture for people who are struggling to get out of debt. And between credit cards, medical bills, and household expenses, that applies to a lot of Americans. We are addicted to credit. In fact, the average household with at least one credit card has nearly $16,000 in credit card debt.

But $16,000 is just the average. Many people are trying to cope with much higher and more overwhelming debt, and consolidation companies take away the stress of managing several credit cards and promise the end of collection calls. A lot of people in financial distress are sick of dodging calls from creditors and are seduced by the idea of “one affordable payment” every month.

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Listen to everything Mellody Hobson said about debt consolidation here

(Source: Black America Web)