From the previous post I reported on my home equity line of credit or heloc was cancelled by National City. This is bad news for the economy because millions of home owners were tapping there home equity lines to make purchases, buy cars, make home improvements or just go on vacation. With these credit lines no longer available, this only means less money being put into consumer spending and the economy. My guess would be that it will take a few years to get the economy turned around. Hopefully lenders will loosen their lending guidelines which will make it easier for people to get money. This would help.
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