re: Lindy, I agree that it is predatory
Both my home equity loans were cheap to finance wirth the local credit union. The first one was only $300, the second one free. The first time I refinanced from 12.5 % down to 9%, cost me $2800 and saved that in payments within two years. Last time I refinanced I went down to 6.5 %, not bad.
It was all good. The HEC would have been a bust if I had stayed, but I knew I was leaving.
For me, everything turned out OK. But I learned a lot in the process and am somewhat interested in finance now. Then agin, I'm not in my 20's or 30's either.