Debt consolidation is just one strategy you can use to get rid of your growing debt issues this August. Getty Images

Debt consolidation can be a tempting solution when it feels like your credit card bills and loans are taking over your financial life. After all, consolidating debts into one manageable payment can cut down on interest charges and make it easier to pay back what's owed. For some people, though, taking out a consolidation loan is still too much to handle financially. All it takes is a high interest rate, a lack of available credit or simply not being able to afford the loan fees for debt consolidation to be out of reach.

And that's especially true right now, at a time when interest rates remain elevated and many are feeling the pinch of rising costs due to persisten

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