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September 13, 2007

People risk losing home but hang onto plastic

  • As some consumers see it, they need to hang on to their plastic, especially as faltering house prices make it harder to refinance or borrow against homes.
    • By LINGLING WEI
    Dow Jones Newswires

    NEW YORK — Conventional wisdom has it that people will do everything to keep their homes. Not any more.

    The proliferation of no-money-down home loans over the past few years, coupled with the current housing downturn, is giving rise to a new mentality: People will risk losing their homes while doing everything to keep their credit cards.


     
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