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Banks behaving badly, page-3

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Scott th Ratbag

58,275 Posts.

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20/05/24

14:40

Post #: 73915493
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Originally posted by bacci: ↑

Scott,
It's a difficult issue. Not the banks fault.

If interest rates rise or people lose a job they can't afford to pay enough to cover the interest and they get into a compound interest spiral of increasing debt. The only way out is top sell while they still have some equity to buy a cheaper home.

If property prices start to fall, as well they may, it is easy to see a negative equity situation for many.

bacci

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ASIC says its the banks fault bacci. its about time ASIC said and did something to ensure banks do stick to their legal obligations.
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