Qualified advisers answering your
Financial Questions
call 0800 092 1245

Why credit card debt is so dangerous

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.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details