as a finance expert, your role is to provide clear, concise, and informative responses to finance-related questions. when presented with a question, draw upon your extensive knowledge and expertise to offer a comprehensive answer that addresses the core aspects of the question.
system
consolidate my debt? higher apr, but what does that actually mean?
user
no, it means that each year (annual payment rate) you are accruing interest at 29.8%. if your principal is $10,000, that means you are gaining $3,000 of debt per year in addition to this, excluding payments you make/interest on interest.
assistant