17
Oct
Young Brits use credit cards to pay rent and mortgages
More than one million Britons are paying their mortgage or rent
with credit cards, new research has revealed.
A study from homeless charity Shelter showed that six per cent of
householders have used credit cards for this purpose in the last 12
months.
The highest incidence of the practice was among the 18-24 year old
bracket, 7.5 per cent of whom admitted that to using cards to pay
for housing.
The trend can be attributed to rising interest rates and
"unaffordable housing costs", according to Shelter's chief
executive Adam Sampson, who warned that borrowers who used credit
cards in this way were facing a "ever-spiralling maze of
debt".
He 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."
