Christmas Debt Got You Down?
According to the Federal Reserve, American Credit Card debt has now reached a record high of $1.021 trillion! 44% of Christmas shoppers racked up more than $1,000 in holiday debt. If you spent $1,054, and paid a minimum payment of $25 each month, you would be paying down that balance until 2023.
Typical credit cards today can have interest rates anywhere from 10% to 20% or worse. By consolidating your payments under your mortgage or a home equity loan, it will likely drop your interest rate to somewhere around 3% to 6% AND interest on most mortgage payments can be used on your tax return as an itemized deduction potentially saving you some taxes.
Home values are climbing, now is a great time to see what your home is worth and rework that budget.
Give us a call, we can help you with all your Real Estate Appraisal needs! 706-633-3709
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