Warning over mortgage arrears

HOMEOWNERS are putting their properties at risk by prioritising personal debts, such as credit cards, ahead of mortgage arrears, warns one industry expert.

Debt Management Association of Ireland (DMAI) chief executive Eugene McDarby warned consumers against going into arrears during any mortgage restructuring. Those arrears will inevitably lead to extra charges.

He said putting mortgage arrears on the back burner could see consumers plunge, unwittingly, into deeper debt. The warning comes at a time when consumers owe in excess of €180 billion and are now one of the most indebted populations in Europe, he said.