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Cash-Strapped Americans Are Willing to Leverage Their Homes to Pay the Bills

By Riley Griffin | 19 September 2018

BLOOMBERG — As U.S. household debt rises and wages stagnate, millions of Americans are thinking about tapping into home equity to keep up with day-to-day expenses.

Twenty-four million homeowners believe borrowing against home equity is an acceptable way to cover regular bills, according to a Bankrate.com report released on Wednesday. Cash-strapped millennials, low earners and the less educated were most likely to think home equity offered an appropriate solution to ordinary bills.

“Regular household bills should be funded by a regular household income, not home equity,” said Greg McBride, chief financial analyst at Bankrate.com. “Wage growth has been elusive, but rising household expenses have not. And now home equity is being seen as a lifeline for those who are strapped for money with little wiggle room.” […]

2 Comments on Cash-Strapped Americans Are Willing to Leverage Their Homes to Pay the Bills

  1. Hypocrisy = Trump touting our Country as being the greatest economically………….meanwhile we are over 20 Trillion in debt. Everyone in that UN assembly must have been laughing inside.

  2. Hypocrisy = Trump touting our Country as being the greatest economically………….meanwhile we are over 20 Trillion in debt. Everyone in that UN assembly must have been laughing inside.

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