Are you planning to renovate your home in 2017? There's a better than 50/50 chance that you are, if a recent poll by LightStream is accurate. The January 2017 LightStream Home Improvement survey found that 59% of homeowners plan to spend money on renovations during this year, with 42% of the planned renovations costing $5,000 or more.
Surprisingly, while 60% of those planning renovations intend to fund their project out of savings, 29% plan to pay for their home improvements with a credit card. That's far more than the 9% expecting to use a Home Equity Line of Credit (HELOC) or the 7% who prefer to take out a home improvement loan.
Use of credit cards to pay for home renovations appears to be on the rise. The 29% cited in the 2017 survey represents an increase of four percentage points over the 2016 survey.
<...from MoneyTips https://www.moneytips.com/survey-shows-people-using-credit-cards-for-home-renovations
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