If house prices fall another 37% ...

mewbie_2

ukcarper wrote: »

I think some people mewed to consolidate loans. But what is the real difference between mewing and taking out normal credit longer term at a lower rate it's still borrowing.

The difference is the portion of people who thought it was free money and spent it. Mew to pay off credit debt, and then run up more credit debt. Incurred by buying things such as Plasma TV's dare I say.

Pay for groceries on credit cards, childrens clothes, etc. and every so often take another ten grand of 'free' money. I don't go down to the debt forum but I expect there are a quite a few in there who thought it would last for ever.

No point in arguing. I won't listen.

Dan:_4

ukcarper wrote: »

I think some people mewed to consolidate loans. But what is the real difference between mewing and taking out normal credit longer term at a lower rate it's still borrowing.

True but it's not secured on the home

ukcarper

Dan: wrote: »

True but it's not secured on the home

I agree that’s the most important difference but if people don’t over do it and can afford the repayments then it shouldn’t cause them any trouble. The problem is people taking out too much credit not the form they take.