Question 17
Debt consolidation and credit counseling are practical tools for people with multiple high-cost balances. Consolidation rolls several balances into one loan or line — useful for simplifying payments — while credit counseling typically involves a nonprofit counselor negotiating lower payments or setting a debt-management plan. Counseling can also include budgeting help and ongoing account monitoring. If your monthly payments are current but you’re struggling to keep up with many due dates and high interest, a neutral third party can sometimes negotiate lower rates or arrange a structured repayment plan without immediately changing your loans’ legal status. This scenario asks which option is best when you are current but overwhelmed by multiple high-interest accounts.
You’re current on all accounts but juggling five high-interest cards and late fees are a risk; which step is the most practical next move?
Did You Also Know...
By Wise Wallet
Paper money experiments began in China and by the Song dynasty (around the 11th century) paper currency was widely used.