Borrow to ease payment pain as credit card debt rises.

January 7, 2024
1 min read

In an article by Jeff Lazerson, a mortgage broker, it is reported that US mortgage rates are falling at a time when household debt is rising. With credit card debt at an all-time high and mortgage balances of $12.14tn, many homeowners are looking for solutions to manage their mounting debt. Lazerson suggests that refinancing or obtaining a second mortgage or home equity line-of-credit may be the answer. However, while these options can reduce borrowing costs, homeowners are cautioned to be disciplined in their financial management. Lazerson also highlights that interest on borrowed funds used to buy property or undertake home improvements may be tax-deductible.

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