True
Many consumers choose to consolidate through a second mortgage or home equity line of credit. This option lowers the amount of money that has to be paid on credit. Using home equity, however, secures debt to personal belongings. If payments are not made in a timely manner, property can be seized to cover the cost of any bills. This may be a good choice in some cases, but it can be a very poor choice for someone with deep financial problems. The individual could end up losing almost everything they own. |