America’s credit card debt is back and at levels we saw prior to the recent recession. According to CreditCards.com Weekly Credit Card Report, APR’s are running just under 16 percent. But homeowners have an advantage that renters do not when it comes to dealing with high debt.
Debt advisors will tell you that you need to replace all high rate debt with lower rate debt. Which means credit cards, personal cars, pleasure craft like boats, RVs and any other personal property which typically have a higher interest rate and your real estate loan does.
Borrowing against your home will usually get you the lowest financing rate. There are two options: refinancing your home to get cash out or to secure a home equity or HELOC, home equity line of credit.
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