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you are here: DentalPlans.com > Dental Health Articles > Real Estate > How Home Equity Can Help You Slash Debt
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Updated: 9/21/2007 12:05:10 PM |
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 (ARA) - Escalating personal debt is one of the biggest concerns Americans face when it comes to their financial welfare, studies show. Getting out of debt almost seems to be replacing home ownership as the great American dream.
Consumer credit tops $2.4 trillion according to the Federal Reserve. The average American household carries more than $8,000 in credit card debt. And the media is saturated with dire stories of homeowners laboring under crushing mortgage interest rates, courtesy of arcane mortgage products that looked like a deal when the market was good, but turned into nightmares with the housing industry downturn.
Technology and current market conditions make it easier than ever for homeowners with solid credit ratings to draw on the equity in their homes to pay off other high-interest credit debt. Doing so gives homeowners better rates and terms on their outstanding debt, and they may be able to deduct the interest from their taxes. Techno-savvy consumers are increasingly turning to the Internet for insight, advice and deal-shopping. Web sites like LowerMyBills.com, which matches borrowers with qualified lenders and offers tips for managing financial matters, are seeing traffic to their sites at an all-time high.
These sites curb the time a borrower spends finding a qualified lender and a worthy loan deal by matching the consumer's information to a databank of financial services companies. LowerMyBills.com allows borrowers to query hundreds of lenders in the few minutes it takes to complete an online questionnaire. Lenders are more eager than ever to do business with borrowers who have good credit histories. To access hundreds of potential lenders for mortgage, refinance or home equity line of credit products, visit www.lowermybills.com.
Users can be matched with up to five potential lenders who compete for their business, helping them secure the lowest rates and best deals available. Once a potential lender has been identified, the consumer receives a phone call from a loan specialist who helps further refine available loan options. Approvals can typically occur in a few hours, as opposed to the days and weeks the process might take with a traditional brick and mortgage lender.
Founded in 2003, the Web site has already helped more than half a million Americans save over $172 million on recurring expenses such as mortgage, credit card, auto insurance and phone service. The service is free of charge to consumers, and also provides free education, credit counseling and debt services.
To get started on the path to a debt-free life, visit www.LowerMyBills.com.
Copyright © 2007, ARAnet, inc.
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