Photo: Brock Builders
You may have heard that a home equity line of credit (HELOC) is a convenient, flexible and low-cost way to borrow money for things like buying a car, paying for your kid to go to college, or undertaking a home remodeling project.
All of these statements can be true if you manage your HELOC prudently.
But if you don't, a HELOC can become very expensive and get you into financial trouble. Learn how in my Investopedia article, How HELOCs Can Hurt You.