People using credit to pay mortgage 'terrifying'
It is "frankly terrifying" that some one million Britons are reliant on their credit cards when paying their mortgage or rent, one sector commentator has stated.
A recent study by Shelter revealed six per cent of people said they paid for their home using their credit card in the last year - suggesting a national figure of more than a million people.
Commenting on the research, Chris Jenkins, co-owner of the Homeowners Advice Centre, said it was worrying so many people had to resort to plastic in order to pay for their accommodation.
"Although it may seem like a solution to debt problems, in the long-term this only adds to people's financial problems as payments build up and credit inevitably runs out leaving the individual in a much worse position," he added.
Mr Jenkins explained if people's outgoings are exceeding their incomings they should seek further financial advice.
Britons struggling to pay for a mortgage may find flats to rent in Hammersmith of another part of London are a more affordable solution, particularly as Property prices in the capital tend to be higher than elsewhere in the UK.
Written by Martyn Glynn
Published 14th January, 2010
© 2010 Estates IT Limited
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