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Article: $75 Billion Taken Out in Equity Loans
- Article from:
- The Washington Post
- Article date:
- July 5, 1988
CopyrightThis material is published under license from the Washington Post. All inquiries regarding rights should be directed to the Washington Post. (Hide copyright information)
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Home equity loans, enjoying a boom in popularity because of
changes in the tax law, now account for more than $75 billion of
total consumer debt, a government study has found.
The Federal Reserve, conducting its first comprehensive look at
the new consumer credit lines, found that some 3 million homeowners
have home equity loans and that three-fourths of all existing loans
were taken out in the past two years.
The Fed found that the most prevalent use of the home equity
loans, reported by 53 percent of all borrowers surveyed, was to pay
off other debt, mainly credit card debt or ...