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The improving economy has more Americans than ever feeling comfortable borrowing money to cover various expenses. Consumers owed a record high of $13.2 trillion in the first quarter of 2018, according to data. That total includes mortgages, auto loans, student loans, and credit cards.
While some types of debt can be a helpful tool to achieve your goals, high-interest debt, in particular, can also become a drag on your finances, making it harder to reach other money goals. If you’re looking for a way to reduce your debt burden, you may have more options than you realize. If you own your home, rising home values mean that you may have access to a Home Equity Line of Credit (HELOC), which could make it easier to manage—and ultimately minimize—your existing debt.
Debt consolidation is the second-most popular use of HELOC funds (after home renovations), according to a recent survey. Here are five reasons why so many consumers are considering it:
We are committed to helping you reach your potential by providing personalized solutions. Our dedicated colleagues can help you find the right product to help you reach your goals. To learn more about home equity, please call 1-888-514-2300, visit us online, or Ask a Citizen at your nearest Citizens Bank branch.
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