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There's also the rebranding of the scary "second-mortgage" into the treat-yourself "home-equity-line-of-credit."


Those are two distinct products. I think they're both scary ways to treat-yourself.


It's the way that consumer culture can grow, because you use your line of credit to buy a second or third car, nicer car, jet ski, boat, canoe, etc. Then when you have all of this stuff you have to buy a bigger property just so that you have space to store it. So that means selling your existing property to someone else to repeat the cycle.

It is certainly an efficient way to keep money moving.




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