Most P&I Online readers are not worried about consumer spending.
Last week, P&I Online asked readers: Are you worried about a dent in consumer spending as a result of higher home equity line of credit payments coming due?
Sixty-three percent of P&I Online readers answered no, and 37% answered yes.
The question was asked following a Wall Street Journal report about the pending higher payments home owners who took out HELOCs during the housing boom might face between now and 2018. HELOC use among consumers peaked in 2007 and quickly declined in 2009. People used HELOCs to renovate homes, buy cars, pay for education and consolidate other debt.