Jump to content
House Price Crash Forum
Sign in to follow this  
fellow

Millions Are Warned To Stop Using Credit Cards To Pay For Their Homes

Recommended Posts

http://www.independent.co.uk/money/loans-credit/millions-are-warned-to-stop-using-credit-cards-to-pay-for-their-homes-2179594.html

Millions of Britons are using high-interest credit cards to help pay for their homes, according to research published last week by the charity Shelter.

A YouGov poll conducted in August asked more than 2,000 people if they had used their credit cards to pay their rent or mortgage in the past six months. Six per cent said they had done so, suggesting a national figure of more than two million.

In 2009, Shelter commissioned research which showed that 3.8 per cent of British adults had paid their mortgage or rent by credit card in the past 12 months.

Shelter's chief executive, Campbell Robb, said the research brought into sharp relief the daily struggle faced by millions of people in keeping roofs over their heads.

"This is a totally unsustainable situation and one which we fear could see thousands more families pushed into the spiral of debt, eviction or repossession and ultimately homelessness.

"It is vital that every person using credit cards in this way takes action to get out of debt and seeks urgent advice from organisations like Shelter to ensure they don't lose their homes."

Martin Lewis of MoneySaving Expert.com said: "For all but the seriously financially savvy, using credit cards to pay rent or mortgages is a mistake. After all, you're simply paying off one debt with another and that isn't any type of solution. I would urge people to seek help."

Edited by fellow

Share this post


Link to post
Share on other sites
Martin Lewis of MoneySaving Expert.com said: "For all but the seriously financially savvy, using credit cards to pay rent or mortgages is a mistake.

So it's ok if you are seriously financially savvy then? :P

Share this post


Link to post
Share on other sites

So it's ok if you are seriously financially savvy then? :P

if you pay iut on a 1% moneyback credit card and pay off the card every month then sounds reasonably sensible...

(unless there's a fee on the mortgage company transaction for paying by card!)

Edited by Si1

Share this post


Link to post
Share on other sites

If I thought it was possible with my mortgage, I'd do it. I'd get cashback on the credit card and the money would sit in my account for longer which would be better for the offset arrangement.

But I don't think I'm allowed.

Share this post


Link to post
Share on other sites

If I thought it was possible with my mortgage, I'd do it. I'd get cashback on the credit card and the money would sit in my account for longer which would be better for the offset arrangement.

But I don't think I'm allowed.

I am pretty sure ANY mortgage company when faced withg a mortgage in arrears would have a means to take credit card mortgage payments, but I suspect a steep fee of several percent would be levied

Edited by Si1

Share this post


Link to post
Share on other sites

So it's ok if you are seriously financially savvy then? :P

I pondered this for a while. Actually, I pay my rent with my credit card - my bank gives me points every time I use it. Of course, I pay the full amount every month (and earn interest on it before then in the online savings account I have with them at 2.89%). Every three months I gain enough points for a ten pound Amazon voucher. Am thrilled to know that this makes me "seriously financially savvy"! It's just playing the game as far as I'm concerned (FWIW, I've never missed a payment and am unlikely to do so thanks to reasonable job security).

Share this post


Link to post
Share on other sites
A YouGov poll conducted in August asked more than 2,000 people if they had used their credit cards to pay their rent or mortgage in the past six months. Six per cent said they had done so, suggesting a national figure of more than two million.

It would be interesting to see how many of these were renters and how many were 'homeowners'.

Edited by fellow

Share this post


Link to post
Share on other sites

Daily Mail Link http://www.dailymail.co.uk/news/article-1344525/Millions-using-credit-cards-pay-mortgages.html

The Council of Mortgage Lenders predicts that 40,000 families will lose their battle with their mortgage repayments and have their home repossessed this year.

This would be an increase of approximately 4000 (10%) on 2010.

Edited by fellow

Share this post


Link to post
Share on other sites

Daily Mail Link http://www.dailymail.co.uk/news/article-1344525/Millions-using-credit-cards-pay-mortgages.html

This would be an increase of approximately 4000 (10%) on 2010.

Oooooops....

Never mind Depressed Grenouille (aka Sibley / McTwatish, from what I can tell...)

No-one will sell their house for a fiver, to some deadbeat who "missed the boat" or "doesn't have the wherewithal to buy their "own" place..." so you should be OK.

Yup. Good luck with that one... :rolleyes:

B

Share this post


Link to post
Share on other sites

It is the king of taking out credit cards and being canny with money advising people to stop this though.

His site is reponsible for a huge portion of unneccesary spending.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.