Hit the bank where it hurts
Published 01/08/2010 | 09:30
Sir -- So the banks are increasing the interest rates on mortgages, heaping further pressure on already struggling homeowners. Naturally, we feel powerless to prevent them; we cannot move the mortgage because the home is worth less than the outstanding loan amount, and besides, the others are not much better.
One option we do have is to move the money we have on deposit out of the offending banks and to encourage our families to do likewise.
Obviously, struggling homeowners don't have considerable sums sitting on deposit, but their family and friends may have.