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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