Qualified advisers answering your
Financial Questions
call 0800 092 1245

One million pay mortgage with credit card

More than a million households have had to pay their mortgage or rent using a credit card in the last year alone, new research shows.According to housing charity Shelter, around six per cent of people have had to use credit to pay for the roof over their heads, with younger people the most likely to fall into the trap.Shelter said that the problem was partly down to irresponsible mortgage lending, in cases where banks and building societies were allowing people to borrow more than they could afford to pay back, meaning that they had to reach for the plastic to stay afloat.Shelter chief executive Adam Sampson said: "For many people trying to keep a roof over their head desperation is driving them to short-term, high-cost borrowing."Ordinary people are being forced to seek more risky and expensive ways to stave off the threat of eviction and repossession."The reports showed that credit card companies charge interest of between 15 and 18 per cent - nearly double the rate of even the most expensive mortgages - making it a risky way to meet the payments.Shelter described the figures as shocking, and the trend as a "huge problem" that was likely to become more widespread as housing costs continue to spiral.

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