Too often these days borrowers find themselves the victims of a money management system that simply does not work. The current magic bullet to get the average consumer is a mortgage loan that pays off one debt while allowing the overspending and debt building use of the credit cord. Face it. We are a borrowing nation and we are in trouble. The current plague is known as the interest only mortgage.
Loan companies continue to extend credit that reaches well beyond acceptable debt-to-income ratios a dangerous practice to be sure. The average consumer owing more than ever as they find themselves slowly being buried beneath ever-increasing credit card debt. It starts early on. Recruiters lining the halls of campus buildings, handing out applications for major credit cards, promising credit to young, naive college students. Other consumers, not in college, but still a part of the overly zealous spending public, also continue to flash their plastic as they buy their way further into debt. What is their ultimate plan for managing credit card debt? They will use an interest only mortgage to pay off the credit card debt that they continue to accrue but cant really...
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