Devoted to interest rates, loans, and lending institutions

A home equity line of credit (HELOC) is already a lot like a credit card. The debt revolves, meaning that you continue to have access to it as long as you make payments and have enough of a balance remaining. However, it has usually required a trip to the bank.

Now, though, things are changing. It is now possible to access your home equity with a debit card. Some banks are starting to issue debit cards for easier access to your home equity line of credit. You can sort of see where this is leading.

It is much harder to keep track of where you are at in terms of your balance. While convenience might be one of the pros of debit card access to your HELOC, I'm not sure that's a good idea. After all, making it easier to get further into debt is rarely good for one's personal finances...

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