What sort of an impact has the mortgage foreclosure crisis had on this credit card consolidation option?
Due to the mortgage and credit crisis, qualifying for these types of loans has become much more difficult. Until this happened, however, many people were using this method to consolidate their credit cards and in hindsight, it may not have been the best solution for their situation. Many people who did “cash out refinancing” on their home subsequently lost their property when payments became too much to handle. As advised throughout the site, “Robbing Peter To Pay Paul” is a dangerous solution for people who are seeking credit card help. Q: Why were (and are) so many Americans having problems with their payments? A: Many of the mortgage loans that were being offered had adjustable rates and initial teaser rates that, once expired, would increase the interest charges on the loan tremendously, oftentimes making them unaffordable for the consumer. In other cases, aggressive lenders willingly extended people loans when their income could not feasibly support it. Q: How can I apply for a se
