Texans are carrying an average of nearly $7,000 in credit card debt, making the Lone Star State the seventh-worst in the nation for average credit card balances.
As many families struggle with high-interest debt, financial experts say one tool that often goes unused is a home equity line of credit, commonly known as a HELOC.
For many homeowners, home equity is their largest financial asset. Rising home values in recent years — including across the Houston area — have helped many homeowners build significant equity. Yet experts say very few Texans have tapped into that equity through a HELOC or second mortgage.
According to mortgage expert Charles Villafana, about 98% of Texans who own their homes mortgage-free have never opened a HELOC…