UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next
Author: thriftygirl One star, 50 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 308858  
Subject: Home Equity Loans Date: 8/29/2000 7:51 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 5
There is a very interesting article on home equity loans at the bankrate.com site, at:

www.bankrate.com/brm/news/loan/19990901.asp

If that link doesn't work (I'm technically impaired) the articles is titled "On dangerous ground -- many use equity loans to increase debt instead of paying it down".

The article cites a recent study of the financial habits of 6,000 households. Of those that had taken out home equity loans, only 30% remained debt-free 11 months later. The other 70% had new debt - on average, $2,133 - and this is after only 11 months.

Many people on this board have warned of the danger of feeling complacent after a home equity loan, and falling back into the habit of debting. This article suggests that this is the norm.

Very scary!
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (3) | Ignore Thread Prev | Next

Announcements

TMF Credit Center
The Motley Fool Credit Center arms you with real tools and simple messages, that will help you in every credit situation.
Pencils of Promise - Back to School Drive
"Pencils of Promise works with communities across the globe to build schools and create programs that provide education opportunities for children."
Post of the Day:
Value Hounds

Considerable Headwinds for Profire Energy?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement