Americans carry record credit card debt at punishing interest rates. The video explores debt consolidation strategies using home equity, like cash-out refinancing or HELOCs, to lower what you're paying in interest.
Credit card debt keeping you up at night? Don't worry, you're not alone. Consumer credit card debt across America has topped $1 trillion. For the first time ever. The average consumer has $8,000 of credit card debt, which is also an all time high. But it's not just the balances, it's also the interest rates. Credit card rates are now up to 25% on average. However, it's not all doom and gloom. The average American has $300,000 of equity in their homes, much of which they could tap into. So for example, you could consolidate, pay off those high interest debts with a cash out refinance and squeeze that credit card down to a 6 or 7% mortgage rate. Or if you have super low rates from a few years ago in the two and threes we can do a HELOC where we come in behind your current low interest rate on your mortgage and just tap into your equity at an 8 to 10% rate, still a far cry from 25%. Reach out today and help yourself save.
