Jody Dabrowski, chief executive officer of the Illinois Educators Credit Union, said that many homeowners used COVID-19 stimulus money to both pay down debt and to build up emergency funds. Both moves position homeowners to avoid home equity loans, especially for moderate home repairs and minor emergencies, such as replacing a broken major appliance, she said. The two things the credit union’s members will borrow against their houses for, said Dabrowski, are home improvement and education.
