Cash-Strapped Americans Are Willing to Leverage Their Homes to Pay the Bills
Twenty-four million homeowners think it’s acceptable to tap into home equity to cover everyday payments.
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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.