Millennials are tapping home equity for vacations and emergency cash

(RECAP: Millennials are often described as prioritizing leisure and entertainment, but many are going into debt to fund them. Most financial planners caution homeowners against using home-equity loans to fund short-term expenses, including vacations. Yet that is the most popular use of the money for the more than half of U.S. homeowners between the ages of 30 and 34 who have owned a home for three years or more and have taken out a home-equity loan, according to results of a Discover Home Equity Loans survey, released on Wednesday. Only 29.4% of those between 35 and 44, 19.9% of those between 45 and 54, 25.7% of those between 55 and 64, and 22.3% of those 65 and older also said they took out a home-equity loan against their home. The results come from a survey of 1,428 consumers, conducted earlier this year.)