The holidays are stressing people out this year, and not just because they can’t find this year’s Tickle Me Elmo.
When a poll was taken this year by Country Financial, about 70% of adults are stressing about money woes this holiday season.
A full half of the surveyed people responded that they wanted to have a debt (mortgage, student loans or credit cards) eliminated for the holidays, and only 19% wanted a vacation or some kind of large item.
This is harder than it seems though. On average, people need $58,673 to get themselves completely out of debt, according to Country Financial. This number grows every year as everything gets more expensive and salaries don’t grow apace.
The Federal Reserve reports that consumer debt has topped $4 trillion!
Much of this debt is due to credit cards. These are by far the most convenient, but most expensive, way to borrow money. The interest rates on credit cards are, on average, at 17.25%, according to CreditCards.com. And this is compounding interest. If you’re paying the minimums every month, you’ll be in debt until you die. Credit card debt will quickly grow until you’re just trying to pay off things you bought years ago.
Even though most people shopping for the holidays are in debt, Experian says that their poll shows that they will spend an average of $1,679 this year on gifts, a 75% increase over last year.
So what’s the solution? For homeowners, there’s a great way to solve the credit card problem. A Cash-Out Refinance lets you take value out of your home and use it to pay off your higher-interest loans. It’s the best way to get out of credit card debt.
With interest rates near all-time lows and home values skyrocketing, there has never been a better time to get out of credit card debt with a cash-out refinance.
When you’re ready to get rid of your credit card debt, call The Home Loan Expert Team in St. Louis at (314) 781-9700, Chicago at (773) 770-4727, Indianapolis at (317) 550-1515, and Nashville at (615) 810-8555. You can always apply online with our 5-Minute Loan Approval at hero.loan for your VA Loan, and www.thehomeloanexpert.com for your other mortgage needs, and we’re also open on Saturdays and will come to you to help close your loan. We work hard to make it easy on you. Nobody gets lower rates on better loans than The Home Loan Expert, Ryan Kelley, why go anywhere else?