The home equity line of credit (HELOC) offers the perfect solution for everyone looking to borrow money to run their lives at lowest interest rates. It is the best option for any money borrower. The only issue with the HELOC is that people will tend to spend more than what they earn.
This is why you need to seek help from a financial planner to not get addicted to the line of credit. Sheila Walkington is a financial planner and her job is to stabilize her clients from overspending using the HELOC. Her main goal is to get her clients out of their debts in 5 years.
She feels that only if the spending is less than what they borrow will her clients be able to start the long process of paying back the borrowed amount. Also, the internet rates of HELOCs are increasing now than before.
Only a small number of the HELOC borrowers are using it for making investments. The rest are all using the borrowed money to supplement their income and to cover the extra living costs. The financial planners will help clients to wean off from their HELOC. They need to depend on tier income for a living and must not touch the line of credit loans.