Home Equity Line of Credit = Bad Idea

http://www.debtshepherd.com

A recent magazine ad offered a home equity line of credit (HELOC) for financing a college education. Why is this a bad idea? Because the value of your home isn't going to go up forever and it's artificially inflated anyway.

Who gave you the idea it's your responsibility to finance your kids college education anyway? I'm willing to bet it was a banks idea. Stop using your home like an ATM machine in your personal finance program. It's a big part of why The US dollar is on the verge of collapse.

If you can't pay cash, you can't afford it. Get used to that idea. Get over it and live with it. Very, very soon you won't have a choice not to. Economic recovery is about mind and money.

To Your Financial Freedom,
Greg Whitaker
http://www.debtshepherd.com

Category:

Education

Tags:

• personal finance program
• mind and money
• personal finance
• debt freedom
• debt free