A rose by any other name is still a rose; a second mortage by another name is a home equity loan

Posted by webmaster on August 15th, 2008 — Posted in Uncategorized, Prosperity, Peace, Thinking, People, Money, Debt, Personal finance

While it explores the U.S. market, this New York Times article is just as relevant in Canada — has advertising transformed us from mortgage burners into the indefinitely indentured?

Home equity loans, once seen as the borrowing of last resort, have grown a thousandfold since banks began spending billions of dollars to advertise them.

Note: while incurring debt to consume is always unwise, arranging a lower-interest home equity loan can be an effective means out of high-interest credit card hell as long as it’s done in conjunction with credit counseling.

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