Young homeowners could face challenges with home equity lines of credit

(NC) In Canada, there are over three million home equity lines of credit (HELOCs). Banks sell these products under different names, and often combine them with a regular mortgage. The average unpaid balance for HELOCs is around $65,000. According to the Financial Consumer Agency of Canada and Bank of Canada, HELOCs are the main contributor to non-mortgage consumer debt, more than twice the level of credit cards or car loans.

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