|
|
Article: Widsom of Home Equity Loans May Not Always Work
- Article from:
- THE JOURNAL RECORD
- Article date:
- November 13, 1992
- Author:
CopyrightCopyright 1992 The Journal Record. Provided by ProQuest LLC. (Hide copyright information)
|
Financial experts shake their heads and cluck their tongues
when they talk about consumer debt statistics. Consumers are
paying off most types of loans, but they still have substantial
balances on their credit cards, these advisers sigh.
If you must borrow, you ought to borrow against your home, not
your credit cards, most advisers will tell you. That's because
the interest paid on home equity loans is usually tax deductible.
By and large, the interest charges are more reasonable, too.
That's what's called "conventional wisdom." But beware.
Conventional wisdom doesn't apply to everybody.
Those who have significant debts are certainly well served by
the conventional theory. It can, in ...