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Get Rid of Credit Card Debt For the Holidays

Get Rid of Credit Card Debt For the Holidays

The holidays are stressing people out this year, and not just because they can’t find this year’s Tickle Me Elmo.  They’re ready to get rid of credit card debt for the holidays.

When a poll was taken this year by Country Financial, about 70% of adults are stressing about money woes this holiday season.

A full half of the surveyed people responded that they wanted to have a debt (mortgage, student loans or credit cards) eliminated for the holidays, and only 19% wanted a vacation or some kind of large item.

This is harder than it seems though.  On average, people need $58,673 to get themselves completely out of debt, according to Country Financial.  This number grows every year as everything gets more expensive and salaries don’t grow apace.

The Federal Reserve reports that consumer debt has topped $4 trillion!

Much of this debt is due to credit cards.  These are by far the most convenient, but most expensive, way to borrow money.  The interest rates on credit cards are, on average, at 17.25%, according to CreditCards.com.  And this is compounding interest.  If you’re paying the minimums every month, you’ll be in debt until you die.  Credit card debt will quickly grow until you’re just trying to pay off things you bought years ago.

Even though most people shopping for the holidays are in debt, Experian says that their poll shows that they will spend an average of $1,679 this year on gifts, a 75% increase over last year.

So what’s the solution?  For homeowners, there’s a great way to solve the credit card problem.  A Cash Out Refinance lets you take value out of your home and use it to pay off your higher-interest loans.  It’s the best way to get out of credit card debt. 

With interest rates near all-time lows, and home values skyrocketing, there has never been a better time to get out of credit card debt with a cash out refinance.

When you’re ready to get rid of your credit card debt, call the best mortgage lender in Alabama, Mike Carey’s Alabama Loan Experts Team in Gulf Shores (901) 619-3665 or visit AlabamaLoanExperts.com to apply now. Alabama Loan Experts has the lowest rates on Conventional, FHA, Mortgage Refinances, Jumbo Loans, Debt Consolidation Loans, Rate and Term Refinances, Cash Out Refinances, and HARP Loans. We are also the exclusive home for Hero.Loan VA Mortgages and The Bank Statement Mortgage. We will come to you to close your loan. Nobody gets lower mortgage rates on better loans than Alabama Loan Experts.

Mike Carey

Mike Carey

As a mortgage professional with over twenty years experience, I understand the lending guidelines and keep up with the constant change in the industry. In my 20+ years of mortgage lending, I have helped thousands of buyers throughout the country. My specialties include all areas of lending from first time home buyers to seasoned buyers.

  • Close your loan in as little as 14-days
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316 McKenzie St., Suite 118
Foley, Alabama 36535

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Orange Beach, Alabama 36561