ATLANTA-Home improvements and home repairs continue to be the primary or traditional uses for home equity lines of credit, according to a research study by SYNERGISTICS RESEARCH.
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The study, the "Ninth Annual Home Equity Lending Monitor 2009," found that usage of ELCs for home improvements and home repairs remained relatively unchanged when compared to the previous year, and usage for debt consolidation showed a slight increase. When ELC users were asked to identify the purposes for which they ahave used their revolving equity line, home improvements are most widely cited, followed by home repairs, indicated by more than four in ten. Mention of both purposes has not changed much compared to a year ago.
