Bloody hell! Thats madness isn't it?

I always pay my rent first when I get paid and the rest comes afterwards! I wonder what would put a person in such a situation that they needed it to be done on thier credit card? I guess if you were in between jobs it may be something that you would do?

How horrible to have to pay a debt with another debt though? Don't you think so?

It has been a common problem for a long time. Many people used to pay off credit cards debts by remortgaging.

You wouldn't believe what I witnessed when I was a Bank Manager and that was way before the credit crunch.

I can only assume the situation has become worse in the current financial climate.

Im guessing you have pretty much seen it all then lol!

It is terrible isn't it? I know a few people that have taken out loans to pay off credit cards before as well! It a vicious cycle once your stuck in it!

Worst of it is that the banks actively trawled their customer information for people with high balances to get them in for a "review" with the intention of getting them to consolidate their debt. In many cases encouraging customers to remortgage to clear credit card balances and loans.

So the customer started out with short term debt, their bank rolled it all up for them and got them to pay interest on it for up to 25 years or until the customer realised they had a rubbish mortgage and they got another deal, 2 or 3 years later.

Its terrible isn't it? So really all of this was created by the bloomin banks in the first place and now the average Joe has to suffer as a result of it all!

The Banks and other financial institutions are to blame to a certain degree because they made it too easy for people to borrow money.

However, the millions of consumers that went along with it need to at least be held partly responsible.

Hopefully the days of live now, pay later are over but I suspect not.

I also suspect not! Unfortunately it is a culture that most people have grown accustomed to and as such will pass it onto younger generations! Im not sure lessons have really been learnt here!

It does seem absolutely mad to pay for a mortgage with a credit card - surely you are only storing up considerable debts for the future? Simply time to get a lodger in or sell up (or get 4th job!)

You make some good points there Chloe! Shame people don't actually think this way really dont you agree??