Knock 10% Off Your Interest Rate
According to the Federal Reserve, the government agency that keeps track of these things, the average interest rate for all credit card accounts in the United States is 15.13% right now. As recently as 2014, the average rate was only 11.87%.
The average household credit card debt across the country is greater than $9,000. That means if you live in the average household and you are paying the average interest rate on your credit cards, you are paying about $1360 each year in interest to your credit card companies.
How would you like to knock that interest rate down from 15.13% to less than 5%? Here’s how to do it.
If you own a house and get a cash-out refinance, you can use that cash to pay off your high interest rate credit cards. You can also use the cash for anything else – paying off other debt (student loans, car loans, etc.), paying for home improvement projects, or using it for whatever you would like to spend it on.
On a conventional loan, you can get cash out up to 80% of the value of your house. If you get an FHA loan, you can go as high as 85% of the value of your house, although that is being lowered to 80% in just a couple of weeks.
If you are tired of paying high interest rates on your credit cards or other accounts, contact us today. We will figure things out for you and let you know if a refinance makes sense.