John Drennan: Report reveals suffering behind mortgage crisis
One homeowner in financial trouble had '55 other sources of debt outside of the mortgage'
Published 09/10/2011 | 05:00
A MAJOR report by MABS (Money, Advice and Budgeting Service) into the mortgage arrears crisis reveals that four out of five of its clients who are struggling with their mortgage believe it will take up to half a decade before they can return to meeting their monthly payments.
A third of those who have mortgage arrears believe they will never be able to repay their debts.
Meanwhile, as the Government prepares to launch a range of actions to deal with the mortgage crisis once and for all, the Social Protection Minister Joan Burton has told the Sunday Independent that one of the key factors driving the mortgage arrears crisis is the complex nature of the debts that people took on during the boom.