The fed just announced another .25% interest rate hike, which makes this the highest benchmark record since 2007. The rising rates are an attempt to curb inflation. The problem is that with the rapid rate hikes, Americans are finding it harder to pay their monthly debt. Credit cards, HELOCS, and any adjustable rate debt will see another rise in payments, starting today. Those trying to get auto loans are also finding it hard to qualify to purchase a vehicle for the family. This comes at a time where food, gas, home insurance, and property taxes are at an all-time high.
If you are in a situation where you need to tap into your home's equity, reach out to see if you qualify to consolidate your debt and lower you monthly debt. We can run your monthly debt to see exactly how much you could save.