Debt in America
Credit Card Debt Has surpassed 1 trillion dollars for the first time in American history. The American people are sweltering in debt. Credit Card Debt rose 4.5% in the last quarter alone. Car loans are up to 199 billion and Student loans have started their payments as of September 1st. All this while income has only increased 2.5% in 2022. All this information is from the Federal Reserve of New York.
Credit Card interest rates average 20.72% according to Bankrate.com.
What is the American consumer to do?
Home Equity in the United States has never been higher. On Average households have about $185,000 in equity in their homes. This according to the Federal Reserve of New York, based on 2022 figures.
With that much equity in your home, one solution is to refinance or take out a home equity loan or line of credit.
Yes, rates are higher now than they were in 2020-2021. Yes, rates have risen to a 20 year high. But, rates are comparatively low compared to your credit cards. So yes, payments will go up but compared to paying high interest on credit cards you will be saving loads of money by refinancing your debt and using your home equity.
For more information on how to do a cash-out refinance, contact me today. Bruce Singer NMLS# 197960 at Vision Home Mortgage NMLS# 357565 at 702-217-5525. Licensed in Nevada and Indiana. 223 N Pecos Rd #120, Henderson, NV 89074, Cell (702-217-5525), Office (702-736-3116)
