As we covered in one of our earlier articles, there has been a massive increase in the number of people using their credit cards to cover mortgage payments and monthly rent charges. This, despite the fact that credit card debt is by far and away the most expensive type of debt available to the UK consumer, is a worrying development. When you consider that the vast majority of credit card interest rates are in excess of 20%, those who are unable to cover their monthly credit card spending will see significant interest charges add to their balance.

The very fact that those using their credit cards to pay mortgage and rent charges are obviously struggling for money in the short term would give the impression they are unlikely to pay off all of their monthly card expenditure. As a consequence, not only are many people transferring their mortgage and rent debt to a credit card but are also facing charges in excess of 20% on long-term balances. It is therefore vital that you take professional financial advice if you are struggling to cover your monthly expenditure and have indeed been forced to transfer regular payments to your credit card.

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