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07-05-2008, 07:32 PM #1
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Homeowners turn to loans to pay mortgages
From Times Online
July 3, 2008
Homeowners turn to loans to pay mortgages
Lauren Thompson
Increasing numbers of hard-pressed homeowners and tenants are turning to personal loans and credit cards to fund their housing costs.
More than 4 million households have taken out a personal loan or credit card to cover their mortgage or rental costs in the past year, according to a survey by comparison service Moneysupermarket.com.
Tim Moss, head of loans and debt at Moneysupermarket.com, said: "It's a very serious situation when you have people turning to a short-term solution to fund a long-term product.
"Taking out a loan specifically for a mortgage goes against lenders' rules. To be funding your mortgage repayments with a credit card that will charge you interest of over 15 per cent is not the solution in the long term.â€Join our efforts to Secure America's Borders and End Illegal Immigration by Joining ALIPAC's E-Mail Alerts network (CLICK HERE)
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