Quote:
Originally Posted by johnfás-inabstentia  Arrears of some type being the key words. 20% of households are not in mortgage arrears and I would imagine that even in the height of the boom alot of people were in arrears on their credit card, in fact I know they were.
It isn't great news but the OP is certainly putting slant on it. |
Perhaps JF, but many many people are in arrears in secondary bills, because they dare not to go into arrears on their mortgages, feeling that the roof over their heads is the most important thing. In the long term, this is probably the worst possible way of looking at it, because mortgage arrears have the lowest interest rates of any other arrears that they are likely to have i.e loans, credit cards etc. You'd be as well of negotiating a 12 month mortgage break and getting rid of the other loans if at all possible. 12-18 extra months on the end of a 25 year mortgage isn't as getting into spiralling CC debt today