The average credit card debt per borrower has increased by 8.5% year over year to $6,218, TransUnion finds. With consumers under pressure, it can be difficult to find wiggle room in budgets to pay down credit card debt.

Discover Personal Loans Vice President Dan Nickele joins Wealth! to give insight into current levels of credit card debt and how Americans can manage it.

Nickele explains how personal loans can aid in debt management: "One of the great things about a personal loan is that you can check your rate without impacting your credit report, so you can explore your options. And I think options are a consumer's best friend, especially somebody who's trying to manage their debt. So I would encourage somebody who thinks they might have a savings opportunity to go out and figure out what rates they can actually earn, explore their options for payments and rates."

For more expert insight and the latest market action, click here to watch this full episode of Wealth!

This post was written by Nicholas Jacobino