Debt can be a heavy burden to carry, especially when it feels like there’s no end in sight. Federal Reserve Bank of New York reports that American consumers’ debt reached new highs in the second quarter of 2023. This includes debt from credit cards, student loans, personal loans, and auto loans. Debt consolidation is a popular way to manage multiple debts. When you consolidate debt into one account, you can save money on interest and simplify your monthly payments. However, there are some potential drawbacks to consider before consolidating your debts. Make sure you understand what consolidation entails and how…