Credit card debt hampers homeownership, shopping plans, increases due to inflation. Personal loan option can save money.
As inflation continues to rise and the housing market heats up, many Americans are struggling with high credit card debt, which is preventing them from purchasing a home. According to a study by real estate data company Clever, 18% of those with credit card debt were unable to purchase a home in 2022. A survey by Rocket Homes also found that 46% of Americans said credit card debt hindered their efforts to purchase a home a lot or a great deal, while 36% said it hindered their efforts a little or a moderate amount.
Credit card debt is an even greater threat to homeownership than student loans and medical debt. Credit card balances increased by $38 billion in the second quarter, the largest spike in more than 20 years, according to the Federal Reserve Bank of New York. To help pay down high-interest credit card debt, consumers can consider taking out a personal loan at a lower interest rate.
Inflation is also impacting consumer spending, as many shoppers are taking it into consideration and cutting back on their holiday budgets. RetailMeNot found that consumers planned to spend $725 on average, 8% less than they did the year before. To help pay off holiday debt, consumers can consider taking out a personal loan with a lower interest rate.
High credit card debt can be a major barrier to homeownership and consumer spending. To help pay down high-interest credit card debt, consumers can consider taking out a personal loan at a lower interest rate. This can save them money each month and help them achieve their financial goals. If you’re struggling with credit card debt, you can visit Credible to compare loans from multiple lenders at once and speak to a personal loan expert.