There’s a financial crisis brewing and it seems like no one’s talking about it. It’s not about housing or student loans. It’s about credit card debt. Yeah, that plastic in your wallet. We’re talking over $1 trillion in debt!
And guess what? It’s about to explode with all the Christmas and Valentine’s spending. The kicker? Credit card interest rates are sky-high, sometimes hitting 30% - even if you have good credit.
But homeowners, you might just have a sneaky way out. Ever heard of a cash-out refinance loan? It’s this trick to pull cash from your home’s equity to clear your credit card bills. Sounds too easy, right? You can swap that crazy 20%+ credit card rate for a 6-7% mortgage rate. And the sweet part? This mortgage interest is tax-deductible, unlike your credit card interest.
But here’s the controversial bit: is this just a band-aid on a bigger spending problem? Or a smart hack to get ahead? If you’re curious, hit me up with ‘REFI’. Let’s chat about it.”