Thursday 27 July 2017

Martina Devlin: We must work together to beat mortgage maze

NEVER mind wanting to be rich and famous, most of us would probably settle for being debt free right now. The truth is that many people have borrowed too much, generally in property, with the roof over our heads costing the shirt off our backs.

Some can service the mortgage repayments, others are struggling but just about coping, and a growing number are slipping under. A form of debt forgiveness, perhaps by another name, seems inevitable -- not just from charity but from commonsense.

Who doesn't know someone in negative equity teetering on the brink of arrears? Very few of these people were profligate or greedy for status-symbol houses, they were simply unfortunate victims of a property bubble.

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