Just over one quarter of Canadians with home equity lines of credit are paying only the interest portion of the loan, a government survey found.
Additionally, almost three in 10 respondents use such lines of credit at least some of the time to make payments on other debt, according to an online poll by the Financial Consumer Agency of Canada released Tuesday.
Over the past 15 years, home equity lines of credit have been the largest contributor to Canadian non-mortgage household debt. Tuesday’s report follows similar studies from the the country’s federal housing agency and the Bank of Canada that highlighted some of the risks associated with such loans.
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