Using credit cards to make mortgage payments ‘could risk a debt problem’
Article Category: Debt Management Help and Advice
People may risk debt if they use credit cards to make mortgage payments, it has been warned.
Commenting on a recent study by YouGov that found about six per cent of respondents who paid mortgages or rent had relied on a credit card to meet these expenses, director of Debt Advice Bureau Stephen Rose said that customers may find this strategy leads to a debt problem.
While acknowledging that some people are able to use credit cards in a responsible manner - and could actually save money on their mortgage through doing so - Mr Rose asserted that if a consumer’s credit card debt exceeds his or her mortgage debt then debt problems could ensue.
"If somebody’s paying considerably less on their credit card than they are on their mortgage then it’s a good thing, but if they’re paying more on their credit card than they are on their mortgage then it’s a bad thing," he said.
The survey, published by ROOF, Shelter’s housing and homelessness magazine, found that more than one million householders had used credit cards to pay their mortgage or rent in the past six months.
For more information about debt management call our advisors on 08000 122 118 for FREE, no obligation help and advice.
© Adfero Ltd
Leave a Reply