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Re: Times: Homes at risk as banks seek more security for credit card debt Posted on: Sat, 22 Mar 2008 15:10:38 +0000

Papadillos writes:

> The banks' increasing concern about the risks of the implosion of Britain's
> £1.4 trillion debt mountain has led to a huge surge in the number of court
> orders moving unsecured debt on to a basis that secures it against a
> borrower's home.

Maybe someone needs to remind the banks of the old adage "you cannot
have your cake and eat it". Either the banks should charge higher
interest rates, as they do on credit cards, for unsecured loans and
accept the accompanying risks. Or they should make the loans secured and
charge lower interest rates commensurate with the lower risk. They
should not be allowed to have it both ways.
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