CREDIT CARDS
Millions Pay Mortgage with Credit Card
A worrying two million people have used credit cards to pay their mortgage or rent in the last year new research shows.
The survey conducted by YouGov for Shelter in August 2010 revealed how many people are struggling with housing costs.
They found six percent of the 2202 people surveyed had borrowed money on their credit card to pay their rent or mortgage in the last 12 months, compared to just four percent in November 2009.
If you have outstanding debt on your credit card investigate other providers to find out if you could get a better rate of interest on what you owe.
“This is a totally unsustainable situation and one which we fear could see thousands more families pushed into the spiral of debt,” said Campbell Robb, Shelter chief executive.
“With the average credit card interest rate now standing at over 16 percent it is the worst possible course of action.”
The charity is warning with the average credit card interest rate now standing at over 16 percent it is not a viable course of action for paying unmanageable bills.
In 2009 Shelter commissioned research which revealed 3.8 percent of adults had paid their rent or mortgage in the last 12 months by credit card.
Compare Credit Cards Online
If you have a large amount of debt on your credit card and are struggling to pay it off you could consider a balance transfer.
There are offers from some providers to transfer your balance to a new credit card, often for a fee, to benefit from 0 percent interest for up to 16 months in some cases.
If you transfer your debt this way you will be able to pay it off at the amount it now stands at without racking up more debt from high interest as time passes.
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