Here are some suggestions for using your home equity loan:
* Expand or renovate your house.
* Finance your child's education.
* Consolidate debts into one payment, at a lower interest rate.

These are great benefits for American consumers. But before deciding on home equity loans, be an informed consumer as well. The big risk of taking out an equity loan is losing your house, if you get way over your head with debt and fail to meet your monthly payments. A second mortgage, or equity loan, is for big-ticket items that are an investment, not for frivolous spending and purchases you can do without.

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