Homeowners Tap Record $35 Trillion in Equity to Pay Off Card Debt
Updated
Updated · The New York Times · Aug 11
Homeowners Tap Record $35 Trillion in Equity to Pay Off Card Debt
3 articles · Updated · The New York Times · Aug 11
Summary
$35 trillion in home equity has given U.S. homeowners a record cushion that many are now using to pay down mounting credit card balances.
Higher card bills are pushing borrowers to turn houses into a source of cash, replacing expensive revolving debt with home-equity loans or lines of credit.
Rocket offered Ohio homeowner Linda Boroski a $45,000 home-equity loan, which she used to erase $26,000 in medical-travel card debt and fund home repairs.
The shift shows how consumer spending is still being supported by housing wealth, even as household debt pressures keep building.