Too Easy To Turn Home Equity Into An ATM?
M.P. Dunleavey writes for the New York Times about receiving a solicitation for a J. P. Morgan Chase EquityCard, a credit card that allows you to spend the equity in your home.
Amy Crews Cutts, deputy chief economist at Freddie Mac, says that home-equity lines of credit can be a tremendous blessing for those who need the savings stored in their home in the event of an emergency, like a job loss. But she is concerned about too easy access to that money in the shape of a credit card "that looks just like every other credit card."
Add your comment... (note that all comments are reviewed before they're published)