Based on recent indicators, we’re starting to see small signs that inflation is starting to loosen it’s tight grip on prices and our wallets. However, we’re not seeing that improvement just yet. As a result, some have turned to using credit cards to pay their bills, which could be a problem, considering the high interest rates on some of those cards. One solution, according to Hall Financial CEO and founder David Hall, is for homeowners to possibly consider a debt consolidation loan to ease their financial woes.
“It’s a really great time to look at a debt consolidation loan to see if it makes sense for you. It’s not complicated and you have to look at your overall monthly payment structure, because if you’re stressed out about your finances, a consolidation loan can help. So many folks have equity in their homes and there is no better way to use it than to relieve your burden as it relates to your debt.”
According to BankRate.com, the average variable interest rate on credit cards is 19.85%, the highest average interest rate for credit cards since 1985.
