Our Smart With Debt blog guides you on how to live the life you desire with your own money, not borrowed from banks or lenders. We strive to support those who are serious about managing their debt and discovering ways to leverage it for financial gain.
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Should you pay points?
Categories: Debt Management, Financial Terms, Mortgage
When you are shopping for a mortgage you may hear about points. Points are a percentage that is added to a loan amount. For example, 1 point or 1% of a $300,000 loan would equal $3,000. Points are a way for you to pay upfront in order to get a lower rate. Many people ask […]
The Average American Debt in 2024
Categories: Debt Management, Financial Terms
Today we are going to discuss an article that highlights the average American debt in 2024. In 2024, the average American carries $104,215 in debt, which includes mortgages, auto loans, credit cards, student loans, and more. Mortgage debt is the largest piece, averaging $244,498, followed by student loans at $38,787 and auto loans at $23,792. […]
Learn to use debt
Categories: Debt Management, Financial Terms, Motivation
Today we are going to help you to learn to use debt instead of having debt use you. What is debt? What exactly is debt? Debt is when you borrow money from someone and promise to pay it back later. There are many types of debt including credit cards, mortgages, student loans, and car loans […]
HELOC vs. Home Equity Loan: What’s the Best Choice for You?
Categories: Debt Management, Financial Terms, HELOC, Mortgage, Refinance
Are you looking to tap into your home’s equity but unsure whether a HELOC vs. Home Equity Loan is right for you? Let’s break down these two options and see which one fits your financial needs. Similarities Between HELOC and Home Equity Loan Both a HELOC (Home Equity Line of Credit) and a Home Equity […]
Take the plunge!
Categories: Motivation