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How to Beat Those Holiday Bills

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Cartoon of snow covered mail box over flowing with holiday bills

Mortgage Cash-Out Refinance Is the Ideal Way to Manage Holiday Debt

Each year, beginning as early as September, American consumers embark on their annual holiday shopping sprees, cramming a year’s worth of spending into just a few months. According to the National Retail Federation (NRF), the U.S. retail industry generated over $3.2 trillion dollars in holiday sales in 2013 and due to the improving U.S. economy, the NRF predicts that holiday sales will increase 4.1% in 2014. For those of us who are filled with the holiday spirit, shopping is an American tradition.

However, as soon as the holidays are over, the credit card bills start arriving and families are left to deal with the painful fallout of high credit card bills, high interest rates, and depleted personal savings–all of which can create long-lasting financial damage to your household budget.

Fortunately, many families have a smart financial tool at their disposal to help them pay for the holidays that hasn’t been available in recent years – the Cash-Out Refinance. With mortgage rates near record lows and property values having increased in almost every part of the country, more and more families are tapping into their home equity to help boost their household budgets for the upcoming holiday season.

A Cash-Out Refinance is a smart financial strategy for a number of reasons:

  1. Lower monthly payments. By consolidating your credit card debt into your mortgage, your total monthly payments will be significantly lower, providing an important financial cushion to you and your family. In many cases, the payment savings can be quite significant, saving you thousands of dollars.
  2. Mortgage interest rates are near record lows. Credit card interest rates are notoriously high, often times carrying a variable interest rate well above 10%. By comparison, mortgage rates remain near 4%, and the fixed rate mortgage remains the product of choice in the industry.
  3. Mortgage interest is tax deductible (Note: conditions may vary). For most families, mortgage interest remains one of the few tax deductions available, as opposed to the interest you pay on a credit card which is not tax deductible. Consult your tax advisor for further details.

If it’s one thing that we Americans like to do, it’s shop during the holidays. Holiday sales in the months of November and December alone can account for as much as 30% of a retailer’s annual sales. The key question is–how do you beat those holiday bills? If you’re like many families, the Cash-Out Refinance is a superior option to help lower your monthly bills and manage your holiday spending.

To find out how you and your family might benefit from a Cash-Out Refinance, call James B. Nutter & Company at (800) 217-7334 and speak to one of our non-commissioned Loan Officers. We’ll help you refinance your mortgage to a low fixed rate and beat those holiday bills.

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