Consumer Credit Card Debt
August 15, 2023
We are constantly researching economic conditions to find information that could be valuable for you. Being an Informed Lender means being committed to thoroughly educating our clients.
The topic of consumer credit card debt is becoming a statistic worth understanding. Here are a few bullet points to be aware of:
Here is a link to a good article on the topic: Americans’ Credit Card Hits a Record $1 Trillion.
A mortgage or line of credit against your property can be a brilliant way to manage this type of debt. These resources allow you to consolidate debt into one loan. A few points to understand:
The amount of equity created via home appreciation in the last few years is the most in history. This puts many homeowners in a position to borrow more without risking owing more than would be “safe” compared to the equity.
Please reach out to us if you have any questions or would like to have a complete debt analysis done to determine if a debt restructuring is the best strategy.
Thank you, as always, for your trust in us.