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Interest rates and HELOCS— CBC News

Jacqueline Hansen from CBC News discusses with Laurie Campbell, Credit Canada CEO how higher interest rates could hit home equity borrowers hard. Higher home prices over the last few years led many homeowners to believe they were wealthy, at least on paper, and as home prices soared many homeowners borrowed against the value of their home. Laurie Campbell discusses how the goal for homeowners a generation ago was to pay off their home, whereas today they treat their home like an ATM.