CFPB - Consumer Financial Protection Bureau
01/24/2025 | Press release | Distributed by Public on 01/24/2025 13:55
Cash Out Refinances and Paydown Behavior of Non mortgage Debt Balances
In a December 2023 blog post, the CFPB Office of Research looked at cash-out refinance mortgages and their borrowers over the past decade. In this follow-up report, we look at how cash-out borrowers between 2014 and 2021 used their funds from a refinance, focusing on how they paid down balances of credit cards and other debts. We also look at how other credit outcomes, such as credit card utilization and credit scores, changed before and after the refinance event.