"Ronald Raygun" wrote in message
news:4%9Fj.27084$XI.333@text.news.virginmedia.com...
> Graham Murray wrote:
>
>> 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.
>
> They will presumably charge a lower rate once the loan becomes secured.
> The higher rate is still justified before this step is taken.
>
Of course they will - not.
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