It's interesting that you think it is a good idea to use a home equity loan to buy a car but not OK to pay for a kitchen remodel.
My memory may be wrong because I never thought of taking money out of home equity for anything but to "improve" the home –
but am I mistaken that there was a time that Heloc money HAD to be spent on the home? And it was only when consumer debt interest became non-tax-deductable that it suddenly became the thing to use Heloc money for non-home related purchases?
It's generally a BAD idea to "finance" a home remodel of any sort, which is a "WANT". period…Doesn't matter where you're borrowing money from. Generally, a car is a "NEED" (though the brand can make it a "WANT"), unless you live in NYC.
Remodelling, in most cases, is not something that one "HAD" to do prior to moving into a home.
Seems like a lot of people during the past couple of years can't distinguish between "NEEDS" versus "WANTS" and when one should borrow and when one shouldn't.
