Paying bills with credit cards is financial suicide

| June 4, 2010 | 0 Comments
Paying bills with credit cards is financial suicide

Using a credit card to pay household bills is “financial suicide”, an insolvency expert has claimed.

Richard Sorsky, of the UK Insolvency Helpline Debt Advice Service, warned consumers against using their credit card to pay their mortgage, tax, and other financial commitments.

Credit cards should be reserved for emergency use only, he said.

“Consumers are drawing cash out on their credit cards and paying their mortgage down, which is financial suicide,” Sorsky said.

“You’ve got to live within your budget; don’t use your credit card for those, use credit cards for emergency items.”

Sorsky made the comments following a 40% increase in people contacting the helpline for advice on financial issues.

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