6. Running up credit card balances If you carry unpaid balances on credit cards, you are already losing money in interest payments alone. Credit card companies have high interest charges that accumulate with unpaid balances.

7. Be under-insured You need to protect yourself and your family from unforeseen emergencies, sickness, accidents and possible death. The goal is to make sure that you have proper financial coverage incase anything should happen.

8. Investing in things you don’t understand If I had a dollar for every sure fire stock tip… I’d be rich. Then I’d lose that money by investing in those tips. Make sure you know what you are investing in, by asking a lot of questions, don’t hesitate to get another financial opinion.

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Home equity loans are particularly useful for elderly. Elderly people can release equity on their property and use money to supplement their pension. This additional amount can be used to pay for cost of residential care if they need it.

Home equity loans allow elderly to borrow money at relatively low interest rate and with a low monthly repayment, thus easing financial burden considerably in old age. Under certain schemes there is no need to make a repayment at all. Depending on equity in home, these lenders simply reclaim loan and interest by selling their house when they pass away or move on.

If you're looking to borrow money this is probably one of easiest and most cost-effective ways of doing it. Lenders like giving out home equity loans because they know that they'll get their money back whatever happens.

This all means that you can get most preferential rates and deals in comparison to other loan products. Another big advantage is that this is a way of freeing up cash that is already technically yours. Without any of hassle or costs associated with moving.

The cost of loan will depend on many factors including your personal circumstances, amount you wish to borrow and over what period you wish to repay back loan.

In a typical home equity loan, home is used as collateral against loan, meaning that should you be unable to maintain loan repayments, your home will be at risk.

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