I ran across this article while reading The MReport regarding home equity being used to solve debt.  This is a blast to the past!  Many folks used their home equity to pay debt off in 2007 – 2009.  Yes, the interest rates were much lower, but many people turned right around and ran their credit cards up again.

Can Home Equity Solve Rising Debt for Consumers?

A third of Americans with credit card debt are losing sleep over it. Yet, they are at a loss as to how to optimize their finances.  This is according to a survey titled “Climbing out of Debt: Finding Solutions for High-interest Problems”.  This was released by the mortgage lender and servicer Mr. Cooper on Tuesday.

The nationwide online survey of more than 1,000 Americans with more than $500 in credit card debt was conducted in April covering U.S. Adults aged 18 years plus. It revealed that a third of the respondents said that they were losing sleep thinking about their debt situation and nearly a quarter of those with a spouse or partner said that their debt negatively impacted their relationship.

While it’s clear that they want out from the debt trap most respondents, the survey said, didn’t know how. The survey revealed that more than two-thirds of respondents said that it would probably take them over six months to pay off credit card debt, while 15 percent expected it to take more than five years. Around 8 percent said they would never be able to pay off their debt, while 19 percent weren’t aware of the interest rates on their main card.

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Is this something you are comtemplating?

Contact us, we will give you a list with multiple lenders you can speak with and get answers to your questions.  Be an informed consumer, don’t make decisions that you may regret later without getting the facts first!