Wednesday, Oct 17, 2007
Desperate home owners using credit cards to fund mortgage payments
thisismoney.co.uk: 1m using plastic to pay their mortgage
'rob Peter to pay Paul tactics' to stay afloat
Posted by happyrentingz @ 12:17 PM (553 views) Add Comment
7 Comments
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1. dohousescrashinthewoods said...
In the words of Baldrick:
"boom, Boom, BOOM!"
(in the "crash" sense of the word I guess we have indeed had the longest BOOM in history, and it's going to carry on a lot longer yet)
2. Nmarks said...
You mean like the one in the US?
3. George Monsoon said...
Its coming.. whatever you do, keep hold of anything practical, and liquidate any asset you hold, that you no longer need or has no practical application.. while it is still worth something..
Im not kidding..
"Mr Sampson said: 'The number of people hit by the credit crunch, interest rate hikes and unaffordable housing costs is rapidly rising.' "
I thing there will be a huge demand for black market guns and big dogs in the next few years....
4. dugmug said...
I thought that was Basil Brush? :-)
5. su said...
Nah! You've got the number of booms wrong, Dugmug. Basil Brush is "Boom, Boom!" :-)
6. Cstanhope707 said...
No problems we just need to make more credit cards!!!
But we don't have problems in the UK due to Crash Gordon eliminating the Boom Bust cycle forever it's just BOOM BOOM BOOM!!!!
The Government has magic money dosn't it.
Not joking here people in this country actually think this way.......
7. Ihopeitgoeswithabang said...
As much as I look forward to a HPC. My brother started paying his mortgage last month with his credit card.
He is now in about 20k worth of debt.
It is sad to see the situation unravel. I would think it will take another year before he is forced to throw in the towel.
I think his debt will go up to 40k + before he has to give in. Stupid banks are going to be the real losers.
I mean why pay back 40k??? That was my mortgage 7 years ago!!!!!