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How Homeowners Are Using Home Equity to Manage High-Interest Debt
Americans are spending more even as debt rises and savings shrink, leaving some homeowners looking to their record levels of home equity for financial relief. With credit card rates far above most home equity borrowing costs, HELOCs and home equity loans can offer a way to manage high-interest debt without giving up a low-rate first mortgage. Tim Lucas and Craig Berry examine the record amount of tappable equity available to homeowners, why cash-out refinancing has become less attractive, and why shopping among lenders can make a meaningful difference.Connect with Mortgage Research…
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