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Rocket Mortgage pushes home equity loans to help pay off credit cards
U.S. credit card balances reached $1.263 trillion in Q2 2026, while mortgage net equity totaled $17.9 trillion in 2026, giving some homeowners equity they can tap.
Yahoo Finance reports that Rocket Mortgage is rolling out a national marketing push framing home equity loans as a way to pay down high credit card debt. The campaign positions borrowers as trading unsecured credit card balances for home-secured financing, with the company suggesting it can help deliver a lower interest-rate alternative.
The outlet cites Federal Reserve Bank of New York data showing U.S. credit card balances rose to $1.263 trillion in Q2 2026, up from $1.242 trillion at the start of the year. At the same time, it points to Cotality’s Homeowner Equity Insights Report, saying net mortgage equity reached $17.9 trillion in 2026 and that the average homeowner has about $310,500 in equity.
According to the article, home equity loans and HELOCs are often marketed as offering lower rates than credit cards, which averaged 23.80% in August 2026. The campaign is set to run through early 2027, and Yahoo Finance says it highlights the risk of high-interest credit card bills and offers home equity products as the remedy.
The piece also notes that the swap involves using the home as collateral and emphasizes that homeowners should consider potential downsides before converting unsecured debt to secured debt. It attributes the campaign rationale to Jonathan Mildenhall, Rocket Mortgage’s chief marketing officer, who said the company previously moved away from credit cards to focus on wealth building rather than financing debt.