American consumer debt reportedly exceeds $14 trillion, and it seems individuals accumulate more — not less — as they get older. Recent data points to a troubling trend that often puts hard-working people in a difficult financial position. Responsible people in these age groups reportedly take on sometimes onerous debt and struggle to get relief.

Approximately 100 million Americans spend time on the water and recreational boating increased by 35 percent since 2018. Buying a boat ranks high on people’s lifestyle lists, as more than 260,000 were purchased last year alone. But some families still have financial and other reservations about buying a boat. In order to make an informed decision about owning a watercraft of your own, consider the following.  

How Does a Home Equity Loan Work?

If you’re looking for a way to deal with debt that is both flexible and affordable, a home equity loan may be a good solution. For homeowners who have built up some equity in their homes, this type of loan allows them to borrow from the accumulated equity and use it to pay down high-interest debt. Here’s a closer look at how home equity loans work, and when they work well for debt consolidation.

If you are thinking about refinancing your mortgage, then you know that this is a great way to save money on your monthly payment, shorten the term of your loan, or tap into the equity of your home for a home improvement project. At the same time, refinancing is like taking out a new home loan. For this reason, you need to know what to expect. There are a few tips that you should follow to make it easier for you to refinance successfully.

Buying a home is one of the biggest decisions many of us make in our lives. But how do you know if you should continue renting vs. buying a home?

There are pros and cons to each of these housing options, so it's important to do some research about both to help you decide if renting or buying a home is the right decision for you. 

Purchasing a home in South Carolina has proven to be an intelligent investment. Since 2018, South Carolina's real estate market has experienced substantial growth. Over the last five years, from the fourth quarter of 2018 to the fourth quarter of 2023, the state's total home appreciation was recorded at 84%, with an average annual growth rate of 16.8%. If your equity improved in recent years, and you have a need for an affordable financing option, a cash out refinance mortgage could deliver wide-reaching benefits.

From 2020 to 2022, interest rates dropped to an all-time low with rates ranging from 3-to-5 percent, making it the perfect time for South Carolina homeowners to take advantage of Home Equity Loans and Home Equity Lines of Credit (HELCOs). 

In today’s rising rate environment, some homeowners wonder if a Home Equity Loan or HELOC is worth it. The short answer is yes.

The benefits property owners enjoy by securing a Home Equity Line of Credit are undeniable. Also called a “HELOC,” homeowners use their home's equity as collateral when applying for one of the most flexible loan products available.

People who own a home have options at their disposal when looking for additional funds. For people who are wondering how to use a HELOC to make their lives easier, there are several ways that contacting a helpful credit union about this line can be useful.

Investing in an energy efficient home improvement has never been more important. We all want to do our part for a clean environment and energy efficient upgrades help reduce our carbon footprint. But some people feel held back by the upfront investment needed to make repairs or enhancements, even though they tend to increase property values.

At Carolina Trust Federal Credit Union, we offer low-rate Smart Home Loans of up to $25,000, so our members can make energy efficient home improvements that lower utilities, reduce emissions, and raise property values. We hope the following 10 cost-effective tips prove helpful.