Treating your home like a piggy bank9 of 9Using your home equity as a financial crutch is something Boucher often sees with clients heading toward financial distress.Boucher says such moves are especially ominous if they're not due to a serious financial need but to a desire for "wants" like a vacation or a new car."You're paying for a vacation with a home equity loan and you're amortizing that over 15 or 20 years. That just doesn't make any sense," Boucher says. advertisementRelated Links:5 groups at greater risk of identity theftUnresolved credit disputes can get messyWhen will judgment disappear from credit?Related Articles:Retirement debtNo HELOC, no problem?Borrow to file bankruptcy?
Using your home equity as a financial crutch is something Boucher often sees with clients heading toward financial distress.
Boucher says such moves are especially ominous if they're not due to a serious financial need but to a desire for "wants" like a vacation or a new car.
"You're paying for a vacation with a home equity loan and you're amortizing that over 15 or 20 years. That just doesn't make any sense," Boucher says.
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