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Page 8 · column 6 of 7 · from the scan, no model involved

The clipping this text was read from
The clipping this text was read from

Scott, who has been doing research on the use of home equity loans, suggested that if Virginians are using the home equity loan for items that are not durable, they should pay the holiday bills within three months.

“By March, families and individuals should be planning for the rest of the year,” said Ms. Scott. “If it can’t be paid in three months, perhaps the holiday spending was too much.”

Home equity loans are different from charge accounts. Charge accounts usually do not include any security. Individuals agree to pay off the credit based on their credit reputation.

Though Ms. Scott has general cautions for consumers about overspending during the holidays, the use of home equity loans is more dangerous because these accounts are secured by the person’s home.

,il lii,

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