Getting Out of Debt

posted in: Refinance | 0

What are you willing to give up to get out of debt? Consumer credit card debt has reached the highest level and it did it this year at $1 trillion. Financial stress is taking a toll on people. Their relationships, their decision-making abilities on a daily basis is getting impacted. Even their sleep patterns are changing. It’s something that people can not escape right now. And the high interest that they’re paying, 12, 18, 28% interest, it’s just putting them into a tailspin that they’re not able to recover from. Are you willing to give up, I don’t know, social media for a couple of years if it were to get you out of debt? What about getting rid of your pet or giving up your kidney to get out of debt? Those are big questions, right?

Guys, let me give you a better solution. More than 40 million homeowners have access to 5.8 trillion in their home’s equity. Now I’m not telling you to tap into your home equity to take a vacation. I just want you to consider how you could use your home equity to relieve yourself from this financial stress, to potentially lower the monthly payments that you’re making because a lot of times when we do these refinances, your credit card debt, your monthly debt, is higher than the amount that your mortgage would change by rolling in that debt. Now look, cash-out refinances are not the right solution for every situation. I do feel that you need to be educated about the right reasons and the wrong reasons to do it.

I just want you to explore what those are because if we can help you minimize your monthly payments, if we can help you get out of this level of stress that you’re going through because of this debt that continues to mount up and continues to get bigger and bigger and bigger, then it may be the right thing for you. Look, my digits are going to pop up. Give me a call. Let us look at it. Let us go through the scenarios and situations with you and see if it is the right long-term and short-term decision. All right. You guys have a great week. Take care.