More than 2m using plastic to pay mortgage/rent

| January 6, 2011
More than 2m using plastic to pay mortgage/rent

A report from the homeless charity, Shelter, has revealed that in the last year, 2.6 million Britons have paid their mortgage or rent on their credit card.

The figure represents a rise of 50% on the previous year and reveals the extraordinary lengths some are going to in order to keep a roof over their head.

The charity has previously warned families about the dangers of using credit cards to make repayments on their mortgage or rent and is urging people struggling with their repayments to seek expert advice immediately.

Campbell Robb, Shelter‘s chief executive, said: “This research brings into sharp focus how keeping a roof over their head has become a daily struggle for millions across the country.

“It is one we fear could see thousands more pushed into the spiral of debt, eviction or repossession and ultimately homelessness” he added.

A report late last year, also by Shelter, revealed an increase in the number of mortgage holders who are struggling to meet their monthly repayments.

The survey showed that three million people are struggling each month with their mortgage repayments – a staggering increase of 80% compared with a year ago.

Finally, the Council of Mortgage Lenders is forecasting that 40,000 families will have their homes repossessed during the 2011 year.

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