Line of Credit

Walking around with at least some level of credit card debt has become relatively normal in today’s society. The average American has thousands of dollars in revolving debt to their name, much of which is accompanied by a two-digit interest rate… and those numbers seem to grow higher each year.

As a homeowner, you are likely to build up equity in your home over time as you pay down your mortgage loan and if market home values increase. This equity — calculated as the difference between what your home is worth and how much you still owe on the property — is a valuable asset that you will enjoy when you eventually sell your property.

According to a recent poll, Americans said that taking out too much money in student loans was the financial mistake that took them the longest to recover from. And with student loans taking an average of 18.5 years to repay, this is no big surprise.