We need to talk about seniors getting into trouble with home equity line of credit GlobeMoney
The most interesting debt story in this country right now just might be seniors getting themselves into trouble with home equity lines of credit.
Lines of credit can be singled out as a cause of the delinquency trend for seniors because they account for 55 per cent of non-mortgage debt held by this cohort, compared with 35 per cent for those under the age of 55. The rise in interest rates since mid-2017 explains part of the rise in senior delinquencies. Seniors mainly borrow via credit lines, which are particularly vulnerable to rising rates.
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