High housing costs force Brits to pile up credit card debt
High housing costs force Brits to pile up credit card debt
Thursday 19th June 2008
In a poll conducted by homeless charity Shelter, more than four million people who are feeling the squeeze of higher housing payments have used a credit card for a mortgage repayment.
This is considered a huge cause for concern because with some cards charging rates as high as 28 per cent, using a credit card is one of the most expensive ways to pay mortgage debt.
The study also revealed that almost three million people have turned to friends for money to pay the mortgage, while a further three million have opted to sell possessions.
Adam Sampson, chief executive of Shelter, said: "Our report shows just how difficult it is for ordinary people to cope with spiralling housing costs, and how desperately unaffordable housing has become."
The rise in mortgage repayments coupled with soaring heating and food bills is expected to fuel a huge rise in the number of individual voluntary arrangements (IVA's) this year.
SimpleIVA - Expert and Confidential IVA advice.
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