Home equity lines of credit are making Canadians more vulnerable to financial catastrophe such as a job loss, a housing market correction or interest rate rise, Canada?s consumer protection agency warned Wednesday.Canadians owed $211 billion on 3 million home equity lines of credit (HELOCs) last year, but 40 per cent don?t make regular payments on those loans and 25 per cent make only minimum payments or pay the interest on the credit lines, says a report by the Financial Consumer Agency of Canada.It **tes that the reliance on HELOCs has grown as Canadians have moved to alarming household debt levels.
06-08-2017, 02:49 PM
Line of credit use soars, putting homeowners at risk
Home equity lines of credit are making Canadians more vulnerable to financial catastrophe such as a job loss, a housing market correction or interest rate rise, Canada?s consumer protection agency warned Wednesday.Canadians owed $211 billion on 3 million home equity lines of credit (HELOCs) last year, but 40 per cent don?t make regular payments on those loans and 25 per cent make only minimum payments or pay the interest on the credit lines, says a report by the Financial Consumer Agency of Canada.It **tes that the reliance on HELOCs has grown as Canadians have moved to alarming household debt levels.
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