The plain truth is that there are no positive benefits of using a credit card to make purchases. Yes, you do get to pay for the items you purchase at a later date, but you also have to pay much more for the item than the amount on price tag. Most credit card companies charge between 12 to 18 percent interest and some charge even more.

Minimum credit card payments barely cover the interest each month which results in it taking years to actually pay off a balance. For example, if you owe $6,000 in credit card debt and have a minimum monthly payment of $150, it will actually take you almost 17 years to pay off your balance. And, that’s only if you don’t charge anything else during that time.

If you’re feeling overwhelmed by debt and don’t know where to turn, debt consolidation might be the solution for you. By combining all of your payments into one, lower interest payment, you will be able to actually start paying on the balance you owe and not just be making payments on the interest for years to come.