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  1. 07-05-2008, 07:32 PM #1
    AirborneSapper7
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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€
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  2. 07-05-2008, 10:13 PM #2
    tencz57
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    Ben Franklin warned us about Bankers and they will take your Nation right out from under you . People are now suffering in mind-boogling situations
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