Credit card debts
Apr 11th, 2007 by complex001
Credit card debts are at a record high, due to many individuals lack of awareness of the flexibility of the modern mortgages. Many individuals currently sit with 20,000+ debt on their credit card on which they are paying 20+% interest. However the last decade’s incredible growth on the domestic property market leaves large numbers of individuals sitting with sufficient equity behind them in their property.
The solution which is often ignored is to expand the mortgage at 5% interest thus saving 15% interest per annum. This use of the equity which has accumulated within the property is increasing steadily.