US home buyers are missing more and more payments on their Home Equity Lines of Credit (HELOC) taken out during the housing bubble crisis. This problem is becoming worse because many of these loans are reaching 10 years in age, a time when consumers must now pay not only interest but principal on the loan.
Over $221 billion of these loans will become 10 years old or older in the next four years. At this 10 year mark, monthly payments could triple which could breed financial disaster for many cash strapped home owners. These loans also carry interest rates dictated by the Federal Reserve. The Fed is expected to increase interest rates at some point in the future.
If you are having trouble paying your HELOC, contact a qualified debt settlement attorney. A qualified debt settlement attorney is an expert in consumer finance law and can discuss options for dealing with the HELOC and other debt issues. In many instances a qualified debt settlement attorney can negotiate with the lender for large reductions in the principal balance of the HELOC, making repayment possible.