New Study Finds Americans Slow to Payoff Mortgage Debt

A few key points from this study:

• Americans tend to put most of their money into checking accounts that earn little to no interest.

• Americans make mortgage payments that statistically go almost entirely to interest. (In the early years of a traditional 30-year mortgage, more than 80% of the total mortgage payments go towards interest.)

• Americans rarely pay more than the minimum monthly mortgage payment required.

• Americans rely on high-interest credit cards in times of financial crisis, rather than taking out a home equity line of credit at a lower interest rate.

A mortgage payoff is something few Americans experience early in life due to the reasons listed above.

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