What is it about?

This article looks at how homeowners in the UK forget the cost of borrowing with a mortgage, which is termed ‘debt amnesia’. Taking into account these forgotten costs, a mortgagee pays up to three times the expensive cost of a house.

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Why is it important?

It is important to understand that the costs of borrowing subtracts much from the gross capital gains from homeownership and that it pays to save more and borrow less.

Perspectives

This article was born out of the different mindsets that Britons and Eastern Europeans have regarding debt.

Dr Adriana Mihaela Soaita

Read the Original

This page is a summary of: Debt amnesia: Homeowners’ discourses on the financial costs and gains of homebuying, Environment and Planning A Economy and Space, March 2016, SAGE Publications, DOI: 10.1177/0308518x16638095.
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