Homeowners are sitting on record equity. New Jersey Homeowners gained 11.6% in home equity in 2023 alone. Nationally the average homeowner has $300,000 in equity and owes less than half their value in their mortgage. It is estimated that 70% of existing mortgages are below 5% now with current Mortgage rates being significantly higher. That is all the “good news”.On the other side of the coin, we have the average homeowner sitting on record high credit card debt with record high interest rates on credit cards. The average interest rate on a credit card is over 25% and I have seen MANY that are approaching 30% APR. Often the minimum payment will take decades to pay off a credit card and in many cases the balance can even grow when only making that minimum payment. In addition to the cr...
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