Back in 2007, the average American household brought in $1,700
more annually than it currently does. This drop may not appear to
be too significant, but for homeowners on tight monthly budgets,
that gap can be considerable. Fortunately, many households have
found relief in the form of lower interest payments, to the tune of
$3,100 saved annually, as compared with 2007 levels.
These figures were revealed recently by USA Today, which used
data from the Bureau of Economic Analysis to reach its conclusions.
Last year, Americans spent 5.8 percent of their net income on
interest for loans, credit cards and home mortgages, which is down
substantially from the 9.1 percent observed in 2007. The more
Americans conduct a mortgage refinance
while interest rates are still near record lows, the more money
they can save.