Many borrowers in trouble were pulled in by deceptive ads such as LowerMyBills.com. The ads featured dancing figures, apparently happy about low-loan rates. One ad claimed a "$145,000 mortgage for under $499 a month!" Scroll to the bottom to see payments actually double over time.
RENEE MONTAGNE, host:
Many borrowers in trouble are pulled in by jazzy and sometimes deceptive ads like those on LowerMyBills.com. Our last word in business today.
The ads feature dancing figures, apparently happy about low loan rate. One ad claimed a $145,000 mortgage for under $499 a month. If you scroll down to the bottom, you saw the payments will actually double over time.
This is MORNING EDITION from NPR News. I'm Renee Montagne.
STEVE INSKEEP, host:
And I'm Steve Inskeep.
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