Credit card debt being switched to home loans despite warnings
CONSUMERS are ignoring warnings over soaring property repossessions and are transferring credit card debt on to home loans, data suggested yesterday.
Despite rising levels of mortgage repossessions, the total value of approvals for mortgage loans has rocketed by 40.3 per cent in the past year.
“Many consumers with variable-rate mortgages have clearly taken advantage of August’s interest rate cut to transfer their credit card debts to their home loans,” said partner Mark Allen.
“This would account for the fact that credit card spending was relatively static during October, while the value of remortgaging loans markedly increased.”
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