Monday, Jan 11, 2010
Rob Peter to pay Paul
BBC: Many homes 'using credit cards to pay mortgage'
Up to one million households have borrowed money on a credit card to pay their mortgage or rent over the past year, a charity's study suggests.
Housing charity Shelter said this figure represented 6% of UK homes. Shelter said people in lower social groups had been most likely to need to use their credit cards, but that the middle classes had also been affected. The charity said the figure was a "shocking discovery". Its survey questioned 2,022 people.
Posted by cat and canary @ 08:17 AM (1448 views) Add Comment
3 Comments
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1. paul said...
Quick give them some bailout money! And some free financial advice classes! In that order!
2. ontheotherhand said...
So add to this 6% paying their mortgage on their credit card the old FSA numbers showing 2.45% are in arrears to more that 1.5% of the value of their mortgage and we have a bubble with a sharp pin next to it. I was just reading about the South Sea Bubble on encyclopedia.com where I laughed to read, "The bursting of the bubble, which coincided with the similar collapse of the Mississippi Scheme in France, ended the prevalent belief that prosperity could be achieved through unlimited expansion of credit." Hmmm.
3. mark wadsworth said...
What Paul & OTOH say. In fact, Grant Shapps, Tory Home-Owner-Ist Spokesman recommended giving them more bail out money a day or two ago.
I think this is what you call a debt death spiral.