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Mortgage Broker News | 12 May 2015, 06:48 AM Agree 0
For many Canadians the use of home equity has become the credit line of choice, replacing credit cards, and this is worrying say consumer advocates.
  • Kevin R | 12 May 2015, 11:15 AM Agree 0
    What a presumptuous piece. Seriously, a Bankruptcy Trustee Manager is an expert on consumers & the use of these Helocs is all "Impulse Buying"?? Maybe the PLC product has just become more popular in the last 10 years for people that like it's open flexibility, that like the interest only, that like how it is separated from the regular mortgage to keep records when the PLC is used for investment. Compound that with the fact that lenders like ManuBank sell this product, pay Financial planners finder fees to sell to their clients because they dont want these clients going back to their own predatory Bank for that product. Get some facts before making statements that intelligent people who have equity in their homes use it as an ATM machine/credit card for "impulse buying". I can think of many reasons why PLC's have become popular & replacing what was traditionally regular mortgages. Do an article that is worthy for some discussion like how long has ManuBank been flogging the ManuOne product through the growing sector of Financial/Investment planners(which might relate to the growth of this product) & why are Financial Planners being paid for selling mortgage products when they are not licensed or regulated to do so??
  • Ron Butler | 12 May 2015, 01:03 PM Agree 0
    The Globe is running this series for most of the week. There is value to this series even if we can quibble about the details. Compared with some countries we carry a lot of debt in Canada. You can argue good debt versus bad debt till the cows come home but it is a subject worth examining and that is what a newspaper is supposed to do: examine issues.
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