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According to the American Bankers Association,
an increasing number of consumers are making substantial credit
card payments on time. This is largely attributed to debt
consolidation as millions are taking advantage of historically
low interest rates to pay off their credit card balances in
a single stroke.
And who can blame them? A recent study pegged
the average interest rate on credit cards at 14%, with rates
on department store cards as high as 21%. Compare that to
single-digit mortgage rates - the lowest in nearly 40 years
- and it's no surprise that homeowners are rushing to refinance
their existing mortgages or tapping into the equity in their
homes. Besides consolidating debt at a considerably lower
rate, refinancing and equity cash-outs offer tax advantages,
as well.
Why spend years paying off high-interest
credit card balances when you can consolidate your debt, pay
less each month, pay your debt off faster, and deduct the
interest from your tax returns? Contact one of our senior
loan officers for more details on debt consolidation today.
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