Lenders are shrinking these lines of credit, making it harder for Americans to finance major expenses.
By Kathleen Connellfrom the June 16, 2008 edition
For many high school seniors, spring graduation marks the start of the transition to college. It is also the time when parents finalize their college-financing plans. Unfortunately, those preparing to write large checks this fall to cover college expenses are faced with an increasingly limited college-loan market. In particular, many must deal with an unexpected tightening of a popular source of college financing: the Home Equity Lines of Credit (HELOC)....
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