1) Don't get into debt in the first place
A) Normally that advice comes too late
B) Debt comes with living in America
C) We all want the American dream of being mortgaged to the hilt
I have been trying to figure out the history behind how the home equity loan got started. Did someone realize that home owners actually had some equity that they could borrow against? How is this good for the consumer? The home owner already has a mortgage and then they get a home equity loan.
Several times we have been approached to get a home equity line of credit "just in case" it was needed.