Home-equity loans dry up

Full story: WZZM Grand Rapids

When James Chou's credit card debt began to spin out of control a few years ago, he turned to a home-equity loan to pay it off.
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1 - 7 of 7 Comments Last updated Mar 28, 2014
Tight WadGR

Detroit, MI

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#1
Sep 6, 2007
 
This is good, it should make people more responsible and not spend their money so recklessly. This is only the begining, there are darker days ahead for our economy. Especially here in Michigan due to the economic factors. The United States economy is run on CREDIT and the FED can only keep the economy going for so long. We are now a debtor Nation, we borrow to keep the country running. You know this can't last forever. Soon we will be a third world country. Its sad but Americas best days are behind her.
MuskegonNative

Andover, OH

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#2
Sep 6, 2007
 
I have to agree with Tight Wad to a point. I believe that this is good too. I do believe that the economy will get worse before it gets better but I do not believe the gloom and doom of becoming a 3rd world Country. Something will happen.. I just do not know what.
Laura Hoffman

Brookfield, WI

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#3
Sep 6, 2007
 
I don't believe home equity loans are drying up, the bank where I work has done many, many equity loans recently. BUT...we have always kept to high standards when lending whether it is on a mortgage or an equity. We don't loan money to people who cannot afford it. I don't think it is fair to lump all banks together and make a general blanket statement regarding what banks will and will not do anymore. And let's face it, borrowers need to be more responsible about their spending and their debt. It is not the bank's responsibility to bail them out when they have gotten too deep in debt. Just my opinion!
Tom

Riverhead, NY

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#6
Oct 2, 2007
 
Iceybay - Did you get fired from Vertical Lend or something. You're always bashing them...
Response to Tom

AOL

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#7
Oct 11, 2007
 
Hey Tom:
I have no need to "bash" Vertical,the media seems to be doing that all by themselves with no assistance from me.The post you refer to was a NEWS STORY.

The only person I ever "bashed" with my comments and deservedly so, is Michael Vicks. I suppose given your logic, had you read that post, you'd assume I worked for the Bad News Kennels and was fired too........
Delores

London, UK

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#8
Mar 26, 2014
 
This is the first time I had ever applied for a loan. I couldn't have asked for anything more from the staff that answered any of my questions to the application process. Once this had all been completed the money was transferred quickly into my account. I will definitely be recommending 911PDAY .COM ( http://goo.gl/44kQUQ ) too my friends and family.

Since: Oct 12

Location hidden

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#9
Mar 28, 2014
 
Home equity lines are an easy way to pay off the end of a mortgage....they are still very available, and at lower rates during our strengthening economy...Not sure if today's extremely low mortgages rates might not indicate a different path....15 year being more advantages than 30 fixed.....

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