Alarming Rise in HELOC Balances in 2023 Raises Concerns for Homeowners

Sunday, 19 May 2024, 14:00

The average HELOC balance in 2023 increased by 2.7%, indicating growing financial risks for homeowners. Elevated borrowing rates and potential property loss highlight the dangers of high HELOC balances. Considering a personal loan as an alternative borrowing option is advised to mitigate risks.

https://store.livarava.com/efdce3f7-15e8-11ef-a6c2-63e1980711b2.jpg — Alarming Rise in HELOC Balances in 2023 Raises Concerns for Homeowners

HELOC Balances Growing in 2023

HELOC balances have shown a 2.7% increase in 2023, posing financial risks for homeowners.

Dangers of High HELOC Balances

Higher HELOC balances can lead to property loss and financial instability for homeowners facing elevated borrowing rates.

Consider a Personal Loan

Opting for a fixed-rate personal loan instead of a HELOC can help mitigate financial risks and avoid potential property loss.

This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.