A lot has been written about the excessive lending of the past 10 years and how the credit crunch of 2008 and 2009 has affected the lending scenery. But within the carrnage it is important not to overlook that some financial products were in fact extremely useful and in many ways liberating for every day folk who needed to borrow money for genuine purposes and for who the tallk about the curtailment of lending on this side of the credit crunch might be genuinely distressing.
One such product is called the home equity line of credit loan, which in effect acted like a giant credit card facility, but without the high credit card interest rates. These loans gave, and still do give actually although perhaps not in such an aggressive form, householders the opportunity to borrow money for major items of expenditure without having to make individual applications to lenders for each item and gives them the flexibility to repay such facilities (within limits of course) in their own time and at their own pace.
