Got a heads up about what at least one news article has dubbed “The Ten Year Trap”, and it’s an article worth reading. Check it out here: http://hamptonroads.com/2014/01/10year-trap-primer-home-equity-lines-credit
We weren’t the only ones in the discussion group whose eyes widened over some of the key points. Phrases like “monthly payments could more than double” and “balloon payment” can get your attention, even if they don’t relate to your own situation directly. It might not hurt to have a pad of paper and pen handy to take a few notes – especially if you happen to have a home equity line of credit, or know someone who does. Forewarned is forearmed!