Quote:
Originally Posted by strupgolf
Maybe I'm in another world, but why are you worried about a LOC that is money you dont have to buy things you dont need. I've always thought that a LOC is for emergincies. The old way was to SAVE for things you want. Thats what is wrong with this society. My house is worth so much, say 190k, and if I sell it I hope to get 190k. If I want a new roof on the house, I save up for it and pay for it. What did you use the "extra" money for? If you used it, you owe it, plain and simple. I'm not trying to be harsh here, but correct me if I am missing the point.
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I agree, but I don't see any cost to having it there and ready. I've only used it once and I paid it back in few months.
I have contemplated using it to buy a car though since the interest would be deductible unlike a car loan.