This is nothing short of scandalous!

Scandalous in that the issuer of the credit card should never permit the use of credit cards for mortgage purposes, since the excessively high interest rate charged can only serve to aggravate any weakness in the borrower's position. Since the destination of payments is always listed, the issuer would know immediately that the card was being used for this purpose, and any responsible (rather than greedy) lender should at once contact the borrower and explain the dire consequences of using the card in this way and try to offer more realistic methods for coping with the debt.

Scandalous in that the borrower should never have allowed himself/herself to get into the position where a credit card was used as the method of payment. If a bank loan or building society loan is not on offer, the borrower should be advised to consider private loans (www.uk.zopa.com for example), since the interest rate is almost certain to be much more affordable.

The regulators should have clamped down on credit card firms long ago, and prevented them from offering cards without being asked to do so; prevented them from offering cards without a thorough check on ability to repay loans; prevented them from giving credit limits that exceeded the monthly net take-home pay of the cardholder.

Then people might have been spared the economic pain, and this might also have helped prevent house prices ballooning further and further out of the reach of would-be house-owners.

Talk about fueling the runaway financial train from hell. Boy are we in for a major financial meltdown of epic proportions.

I am no financial whizz but even i can see whats going on, why can't so many other educated people see the same, it's not rocket science you just have to dig a little deeper below the surface