Today, the average household headed by those 60 years of age and older carries more than $55,000 in debt. Fifty percent of Americans 75 and older not only have some form of debt to tackle, but 25 percent are still chipping away at mortgage debt putting them in a potentially precarious position. Perhaps the most surprising statistic is that older Americans between the ages of 60 to 69 acquired more student debt in the last decade than younger people ages 18 - 29 adding to their overall debt … [Read more...]
Archives for December 2018
Drawbacks of Taking Out a Home Equity Line of Credit
With many Americans shouldering more debt and wages stagnating, home equity is being used as a lifeline to make ends meet. In fact, a recent survey reveals that 1 in 3 homeowners earning less than $30,000 a year and 22 percent of millennials agreed that tapping into home equity is okay to cover their everyday bills. Because many Americans have little savings, home equity often is also used to cover gaps when costly home maintenance is needed or when funds run short for other unexpected … [Read more...]