Home equity lines of credit: What you need to know
Mike Karapia, CBC news, June 11, 2015
The money can be plentiful, relatively easy to get, and hard to resist.
A home Equity line of credit can help improve your living circumstance and possibly lead to financial gain. But according to an RBC report last week, Canadians’ outstanding debt on personal lines of credit hit $266 billion as of April, a 3.2 per cent gain over last year. Yesterday, CBC News featured one Toronto-area couple with two home equity lines of credit totaling $370,000.
Since we’re talking about debt that can climb to potentially dangerous heights, it pays for consumers to understand how a home equity line of credit works.
Here are five key things to know if you’re thinking about signing up — or if you already have one.
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