Comments on: Your HELOC is NOT Your Emergency Fund http://financefreelancelife.com/2008/09/29/your-heloc-is-not-your-emergency-fund/ Fri, 19 Mar 2010 11:58:21 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Paula: Stop Collection Calls http://financefreelancelife.com/2008/09/29/your-heloc-is-not-your-emergency-fund/#comment-55116 Paula: Stop Collection Calls Fri, 25 Sep 2009 15:36:24 +0000 http://financefreelancelife.com/?p=1061#comment-55116 We are constantly seeing people that think that their HELOC is a way to "pay themselves" for all the hard work of saving for their home. Tragically, many find that they were very mistaken and the result is serious financial distress. Unfortunately, I work with individuals and families that are feeling this distress and it is often heart-breaking. We are constantly seeing people that think that their HELOC is a way to “pay themselves” for all the hard work of saving for their home.

Tragically, many find that they were very mistaken and the result is serious financial distress. Unfortunately, I work with individuals and families that are feeling this distress and it is often heart-breaking.

]]> By: Jim Cramer, Falling Market, and Sound Investing http://financefreelancelife.com/2008/09/29/your-heloc-is-not-your-emergency-fund/#comment-27861 Jim Cramer, Falling Market, and Sound Investing Thu, 09 Oct 2008 15:01:35 +0000 http://financefreelancelife.com/?p=1061#comment-27861 [...] non-investing stuff is ok. But what he said was simple conventional wisdom. This is why you have an emergency fund and short-term savings or why you should build them. Many of us will not need our retirement money [...] [...] non-investing stuff is ok. But what he said was simple conventional wisdom. This is why you have an emergency fund and short-term savings or why you should build them. Many of us will not need our retirement money [...]

]]> By: Back To Basics: Establish A Personal Finance Emergency Fund | My Super-Charged Life http://financefreelancelife.com/2008/09/29/your-heloc-is-not-your-emergency-fund/#comment-27726 Back To Basics: Establish A Personal Finance Emergency Fund | My Super-Charged Life Wed, 08 Oct 2008 13:06:23 +0000 http://financefreelancelife.com/?p=1061#comment-27726 [...] Using credit in any form as an emergency fund is a bad idea.  It will often make a bad situation even worse by creating a financial emergency to go along with whatever else has happened. [...] [...] Using credit in any form as an emergency fund is a bad idea.  It will often make a bad situation even worse by creating a financial emergency to go along with whatever else has happened. [...]

]]> By: Three Cheers For The Emergency Fund! | Momma's Blog http://financefreelancelife.com/2008/09/29/your-heloc-is-not-your-emergency-fund/#comment-27629 Three Cheers For The Emergency Fund! | Momma's Blog Tue, 07 Oct 2008 16:09:35 +0000 http://financefreelancelife.com/?p=1061#comment-27629 [...] Your HELOC is NOT your Emergency Fund! – Mrs. Micah [...] [...] Your HELOC is NOT your Emergency Fund! – Mrs. Micah [...]

]]> By: Posts Worth Mentioning - Crazy Economy Edition http://financefreelancelife.com/2008/09/29/your-heloc-is-not-your-emergency-fund/#comment-27341 Posts Worth Mentioning - Crazy Economy Edition Sun, 05 Oct 2008 13:24:11 +0000 http://financefreelancelife.com/?p=1061#comment-27341 [...] good, healthy, cash-based emergency fund. Mrs. Micah drives this point home while reminding us that a HELOC is NOT an emergency fund. She also has the most succinct description of a HELOC that I’ve ever [...] [...] good, healthy, cash-based emergency fund. Mrs. Micah drives this point home while reminding us that a HELOC is NOT an emergency fund. She also has the most succinct description of a HELOC that I’ve ever [...]

]]> By: Roundup and Link Love - Final Tax Deadline 2008 Edition | The Wisdom Journal http://financefreelancelife.com/2008/09/29/your-heloc-is-not-your-emergency-fund/#comment-27179 Roundup and Link Love - Final Tax Deadline 2008 Edition | The Wisdom Journal Sat, 04 Oct 2008 05:11:03 +0000 http://financefreelancelife.com/?p=1061#comment-27179 [...] worried about your job? @ Money Ning A new economic agenda I can 99% agree with @ My Two Dollars Your HELOC is not your emergency fund @ Mrs Micah Pork Barrel spending and the economic bailout @ Five Cent Nickel Before you sign that [...] [...] worried about your job? @ Money Ning A new economic agenda I can 99% agree with @ My Two Dollars Your HELOC is not your emergency fund @ Mrs Micah Pork Barrel spending and the economic bailout @ Five Cent Nickel Before you sign that [...]

]]> By: Kristen@TheFrugalGirl http://financefreelancelife.com/2008/09/29/your-heloc-is-not-your-emergency-fund/#comment-27162 Kristen@TheFrugalGirl Sat, 04 Oct 2008 01:03:30 +0000 http://financefreelancelife.com/?p=1061#comment-27162 We had a HELOC for the last couple of years for home improvements, but happily it is down to a zero balance, AND we have an emergency fund. Woot! Our HELOC is in no danger, though, because we have a ton of equity in our house. Still, I hope we never, ever have to use it again! We had a HELOC for the last couple of years for home improvements, but happily it is down to a zero balance, AND we have an emergency fund. Woot! Our HELOC is in no danger, though, because we have a ton of equity in our house. Still, I hope we never, ever have to use it again!

]]> By: Friday Linkfest: A New Site, A Giveaway, and A Contest | beingfrugal.net http://financefreelancelife.com/2008/09/29/your-heloc-is-not-your-emergency-fund/#comment-27111 Friday Linkfest: A New Site, A Giveaway, and A Contest | beingfrugal.net Fri, 03 Oct 2008 11:10:11 +0000 http://financefreelancelife.com/?p=1061#comment-27111 [...] Your HELOC is NOT Your Emergency Fund at Mrs. Micah [...] [...] Your HELOC is NOT Your Emergency Fund at Mrs. Micah [...]

]]> By: Scott @ The Passive Dad http://financefreelancelife.com/2008/09/29/your-heloc-is-not-your-emergency-fund/#comment-26982 Scott @ The Passive Dad Wed, 01 Oct 2008 20:19:49 +0000 http://financefreelancelife.com/?p=1061#comment-26982 I agree. Heloc are being cut by banks and several friends have received notices that lines of credit have been decreased by 50% or more. Scary to think of an HELOC as a savings account. Maybe an account of last resort if your emergency account gets depleted. Ugh, is all I can say right now. News of more home foreclosures from friends and more credit woes. I agree. Heloc are being cut by banks and several friends have received notices that lines of credit have been decreased by 50% or more. Scary to think of an HELOC as a savings account. Maybe an account of last resort if your emergency account gets depleted. Ugh, is all I can say right now. News of more home foreclosures from friends and more credit woes.

]]> By: FruGal http://financefreelancelife.com/2008/09/29/your-heloc-is-not-your-emergency-fund/#comment-26963 FruGal Wed, 01 Oct 2008 09:52:50 +0000 http://financefreelancelife.com/?p=1061#comment-26963 Couldn't agree more. It makes me cringe when I hear of people borrowing against the equity in their homes for any reason really - having equity in your home is security against falling property prices and rising interest rates. Couldn’t agree more. It makes me cringe when I hear of people borrowing against the equity in their homes for any reason really – having equity in your home is security against falling property prices and rising interest rates.

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