What happens when you use credit cards to pay off a Mortgage Debt? Not much good I'm afraid.
Doug Constable: In this episode of Doug on Debt: we talk about what happens when you borrow money to pay debts. Alot of people in Australia buy their dream home not ever thinking about what would happen if they couldn't pay their mortgage. But rather than offer you hardship facilities, some banks actually offer you more debt! This is on top of already rising late fee's and later, legal fee's if the repayments fall behind even more. Before you fall into the trap of paying debt with debt (or credit); maybe seek other alternatives (and there are plenty) to get back on top.
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What a shocking situation your client was in, trusting the advice of a bank manager clearly conflicted. Thanks for sharing Doug.
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9 å¹´Or vice versa for that matter - before doing so one must first identify the cash flow issue at the core prior to repeating this wealth deteriorating cycle