[clifp]

Quote:

Originally Posted by laurencewill I think people need to take responsibility for their own actions, but at the same time, there is something criminal about how HELOC's are sold to people. "Unlock that equity in your home!" "You deserve it!" as if it's a special bank account with free money rather than a secured loan.

I agree that HELOC are promoted as free money. On the other hand virtually every product in the USA from Apple Computers to cubic Zirconia is marketed aggressively. By the time somebody is old enough to have children they better have figured out that they don't need everything they see advertised.

Sadly the alternatively to not cutting off home equity lines is make all American pay for bad loans, via either direct taxpayer bailout or indirectly via higher banking fees.