For the first time in history, credit card debt in the United States has surpassed $1 trillion. If you’re one of the millions of Americans drowning in high interest credit card debt, you know how hard it can be just to keep your head above water.
And with average interest rates currently nearing 21%, you also know you’ll never pay off this debt by only making the minimum monthly payment.
Not only can this sink your FICO score, it can also trap you in a doom loop of increasing debt that could lead to personal bankruptcy.
So what should you do?
Debt consolidation starts at home.
Fortunately, your home can protect you against more than just the elements. When you refinance your mortgage at Mortgage Solutions Financial, you can use the equity you’ve built in your home to pay off your high interest debt at a much lower interest rate, potentially saving you tens of thousands of dollars.
But don’t wait until it’s too late! Increased credit card debt could make it harder, if not impossible, to refinance your mortgage.