Selling Your Home To Get Out of Debt
In 2022, the pandemic has pushed Americans further into debt than ever before. The average family in America is over $155,000 in debt. Over the last two years, average household income fell 3% while the cost of living rose 7%. Americans are going deeper into debt each month just so that they can pay their bills. Learn how selling your house fast can help you get out of debt.
Credit Card Debt
The average American owes just over $5,600 in credit card debt. Americans over the age of 75 owe about $8,100 while people under 35 owe about $3,500. Many Americans go into deep credit card debt because:
- They use their credit card after their monthly income is spent.
- They pay their bills with their credit card when they fall behind.
- They use their credit card to pay for their medical bills before they tap into other resources.
If you are dealing with credit card debt, selling your home fast could be a viable option to paying off that debt.
Student Loan Debt
If you are dealing with student loans, they add up each month. Most people who went to college pay about $460 per month. Sometimes, the monthly payment only covers interest. The average student loan debt is about $30,000, but can be as high as $100,000 if you went to a private school. Selling your home for a fast cash offer will help you:
- Clear your student loan debt.
- Free up some of your monthly income to pay for other things.
- Eliminate stress.
Personal Loans and Lines of Credit
Many banks offer personal loans and lines of credit to help you through tough times. Some people have a line of credit that serves as their overdraft coverage. Over time, this piles up. Other types of personal loans include unsecured loans, emergency loans, and payday loans. These types of loans are entrapping in the sense that you constantly use them. If you are in this situation, you are likely paying a high interest rate and origination fee as well. Selling your home for a fast cash offer can help you clear this debt and free up your finances.
Just because you have health insurance doesn’t mean you won’t go into medical debt. Let’s say you have a $7,000 deductible on your health insurance. That is $7,000 you have to pay out of your own pocket before your insurance kicks in. Your health insurance might have a maximum annual limit on services covered. In 2021, 57% of Americans had at least $1,000 in medical debt. If you find that you are drowning in medical bills, selling your home could help you clear your medical debt.
Sell Your Home Fast With Houston Capital Home Buyers
If you are in debt, Houston Capital Home Buyers will help you get a fast cash offer on your home. We offer a quote within 24 hours and can sell your home in as fast as 7 days. We take care of inspections, paperwork, repairs/renovations, and will help you sell your home to clear your debt.