Home Equity Line of Credit, Think Twice!
It amazes me how many people have a home equity line of credit (HELOC) on their primary residence. What’s even more amazing is of those people, how many have one with a zero balance. What is a home equity line of credit? It simply could be viewed as a credit card that is secured by the consumer’s home. So if a consumer has a zero balance, why is that so bad? Well, here is the dirty little secret that the bank doesn’t tell the consumer when they are giving them a HELOC. Read the rest of this entry