Thursday, June 19, 2008
Paying interest to pay interest !
More than four million families have used a credit card to pay the mortgage or rent in the last year. The figure exposes the dramatic impact of the economic squeeze on ordinary families. Settling debts by withdrawing cash on a credit card is probably the most expensive way possible with interest rates as high as 28 per cent, and indicates a disturbing level of desperation on the part of homeowners.