On Thu, 07 Aug 2008 09:49:24 -0700, Darren New wrote:

> Jim Henderson wrote:
>> I don't want to owe that
>> kind of money on an unsecured loan of any kind.  I'd much rather have
>> things paid off (that's a really good feeling to have).
> 
> That's good.  But better an unsecured loan than a secured loan! :-)

Well, from a credit standpoint, a secured loan like an equity line (where 
the "security" is the property) makes good sense.  I have heard some 
people use the equity in their homes to make money (by investing it), but 
that seems a little risky to me.  But for doing things like putting a new 
roof on the house (which we had to do - to the tune of about $14,000 this 
year), that is a good way to cover a cost like that.

But using that money appropriately is the key - using it to enhance the 
value of the property through improvements seems to be the best route to 
go.

That's what I meant by "secured" - which I know is different than other 
types of "secured" credit cards (where you pay money as a security 
deposit and then your limit is set to what you put down as a deposit).

Jim

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