Indebted Canadians using 'homes as ATMs,' consumer agency warns

[McFurd]

Reuters - 6/7/2017 - OTTAWA - Canadians are borrowing against their homes in increasing numbers and many are not making regular payments against the principal, adding financial stress to households already carrying a record level of debt, a consumer agency warned on Wednesday. The number of households that have taken a home equity line of credit (HELOC) on top of their mortgage has soared nearly 40 percent since 2011, the Financial Consumer Agency of Canada said in a report that stoked concerns about consumer debt linked to Canada's slowing housing market. Read more @ https://ca.investing.com/news/economy-n ... rns-127789