Are you among the 25% of Canadian owners who are only paying interest or the bare minimum on their home equity line of credit? If so, be careful because even if the rate is better than that of a regular line of credit, with a home equity line of credit, you’re only paying back the interest without necessarily paying part of the capital. The Financial Consumer Agency of Canada is warning consumers of the potential indebtedness dangers of such a product.
Pier-Paul Belzil-Lacasse, Lead Senior Manager, Turnaround and Licensed Insolvency Trustee, comments on the situation and offers advice for properly managing a home equity line of credit during an interview with TVA Abitibi-Témiscamingue (go to 12 min 5 sec) on June 9, 2017.
19 Jun 2017 | Written by :