I’m also interested to learn more about this. My sister’s mother-in-law got herself into serious credit card debt over the past 5 years. It was to the point where the balance was staying the same even when she was making $500.00/month payments. The solution? Refinance the house. She had only 6 years left on her home loan until it was paid, and now I shudder to think of what shady broker got her into what kind of shady new mortgage. (I will ask my sister, and see if she’s ok.) This woman has a college degree from Cornell. And she’s certainly been responsible for herself for the last 35 years as she’s divorced. But yet, she’s accumulated all this debt. I should also add she doesn’t make a lot of money, (she works in a clothing store,) and certainly she’s responsible for her own spending habits, but the lure of easy credit, and predatory lending practices have put a lot more at stake than anyone intended.
Bugs, I’m also interested in hearing more on your thoughts.
