Comments on: Home Equity Loans: Why They Don’t Make Sense as Part of Debt Reduction Plans http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html Helping Smart Shoppers Save Wed, 17 Mar 2010 02:10:16 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: How Much Debt is Too Much? — P2P No Bank http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html/comment-page-1#comment-5647 How Much Debt is Too Much? — P2P No Bank Sun, 22 Mar 2009 20:19:01 +0000 http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html#comment-5647 [...] Home Equity Loans: Why They Don’t Make Sense as Part of Debt Reduction Plans In the last decade or so, there’s been a large glut of capital that banks have had. In response, they have come up with new and creative types of loans to try to get people to borrow more money. One of the most successful and prevalent types of these loans...... [...] [...] Home Equity Loans: Why They Don’t Make Sense as Part of Debt Reduction Plans In the last decade or so, there’s been a large glut of capital that banks have had. In response, they have come up with new and creative types of loans to try to get people to borrow more money. One of the most successful and prevalent types of these loans…… [...]

]]> By: Kim Albritton http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html/comment-page-1#comment-799 Kim Albritton Fri, 10 Aug 2007 15:14:00 +0000 http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html#comment-799 I could not agree more. I feel that the mortgage industry has been praying on people to make more money. Too many people listen to the banker tell them that equity loans are the way to go. Why can't people see that if you don't pay the credit card, you will still have a place to live??? Also, what about those shady debt consolidation people who can actually make your credit worse and stick all your debt in your house? I could not agree more. I feel that the mortgage industry has been praying on people to make more money. Too many people listen to the banker tell them that equity loans are the way to go. Why can’t people see that if you don’t pay the credit card, you will still have a place to live??? Also, what about those shady debt consolidation people who can actually make your credit worse and stick all your debt in your house?

]]> By: Matthew Paulson http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html/comment-page-1#comment-798 Matthew Paulson Fri, 10 Aug 2007 13:22:00 +0000 http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html#comment-798 Amen dan! Amen dan!

]]> By: Dan http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html/comment-page-1#comment-795 Dan Thu, 09 Aug 2007 21:19:00 +0000 http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html#comment-795 Credit cards are best used for purchases which will be paid for in the short term. They are just as much of a band-aid as a HELOC. A HELOC can still be a good product if used wisely such as to renovate a home or buy a car or boat that the person would've gone in debt for anyway. So long as, like brian said, the rate is better than what a different secured loan would be.<br/><br/>The best way to get rid of credit card debt is to start living within your means, make a plan, and try to call the card issuers to see if they'll work with you. Then stick to the plan! (where plan=budget) Credit cards are best used for purchases which will be paid for in the short term. They are just as much of a band-aid as a HELOC. A HELOC can still be a good product if used wisely such as to renovate a home or buy a car or boat that the person would’ve gone in debt for anyway. So long as, like brian said, the rate is better than what a different secured loan would be.

The best way to get rid of credit card debt is to start living within your means, make a plan, and try to call the card issuers to see if they’ll work with you. Then stick to the plan! (where plan=budget)

]]> By: Brian http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html/comment-page-1#comment-794 Brian Thu, 09 Aug 2007 18:04:00 +0000 http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html#comment-794 I think that HELOCs are only as good as the rate they have.<br/><br/>But nowadays with many, many credit cards offering a 0% rate on balance transfers, there is even less of a reason to take on a HELOC. Combine the higher rate with the fact that your home is now at risk with a HELOC, and they just don't make sense.<br/><br/>Good article. I think that HELOCs are only as good as the rate they have.

But nowadays with many, many credit cards offering a 0% rate on balance transfers, there is even less of a reason to take on a HELOC. Combine the higher rate with the fact that your home is now at risk with a HELOC, and they just don’t make sense.

Good article.

]]> By: SavingDiva http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html/comment-page-1#comment-793 SavingDiva Thu, 09 Aug 2007 16:52:00 +0000 http://www.americanconsumernews.com/2007/08/home-equity-loans-why-they-don%e2%80%99t-make-sense-as-part-of-debt-reduction-plans.html#comment-793 Banks are getting rich from all of the loans people take out. People really should consider calling their credit card companies to try to get lower rates before getting a HELOC. Banks are getting rich from all of the loans people take out. People really should consider calling their credit card companies to try to get lower rates before getting a HELOC.

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