Goodbye to Debt
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.