The Absolute Truth
Here is a simple but profound truth: YOU CAN NOT GET OUT OF DEBT BY BORROWING MORE MONEY.
No more than an alcoholic can become sober by having another drink.
— Jerrold Mundis, How to Get Out of Debt, Stay Out of Debt, and Live Prosperously
Debt and the taxman « Debt,ISA,Savings accounts-Frugal Cents writes:
[…] Over 80,000 landlords could face a debt to the tune of £48,600 based on housing prices for 2007. However, those who have an interest only buy-to-let mortgage are unlikely to feel the wrath of the tax bill, as they are probably paying the correct amount of tax. Those most at risk are individuals who took out a repayment mortgage for a family property which is now rented out. […]