Using Credit Cards for Mortgage Payments
Posted on February 2nd, 2011
There are millions of Britons using their credit cards to pay for their mortgages according to a charity shelter. They published their research last week regarding how many are using high- interest rate credit cards to cover mortgage payments. A poll showed that more than 2,000 used their credit cards to pay for rent or mortgages in the last six months. Six per cent also said they had done so. It suggested the national average for Britons using their credit cards was around two million.
Campbell Robb, a chief executive of Shelter’s stated these individuals are using credit cards to provide some relief regarding their living arrangements. They do not have the income to cover their mortgage. It could be a loss of job or being in an unaffordable mortgage. Unfortunately the situation is one that cannot be sustained for a long period of time.
In the end using credit cards to cover the mortgage will create more debt and make it harder to pay all expenses in the month. When someone reaches the limit on their credit card they will then have to find another method to pay the mortgage as well as make higher payments to their credit cards to cover everything.
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Tags: Credit Cards, Mortgage
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