Fritz Elmendorf Borrow Quotations

When you borrow to the max, you can't afford to take a hit on income, and unfortunately what we're seeing are layoffs and reductions in income and potentially an increase in the already high level of bankruptcies.

Any change in rates on home equity lines is directly related to the actions of the Fed. On average, their rates are 1 percent over the prime rate, but some banks even offer home equity lines at the prime. Home equity lines are probably the cheapest way that homeowners can currently borrow money.