More than 1 million have paid mortgage or rent by credit card
A recent YouGov poll on behalf of Shelter has indicated that more than 1 million householders have used credit cards to pay their mortgage or rent in the last 12 months.
8% of those who pay their rent or mortgage through credit card were from working class professions (C2DE social grouping), but the poll also showed that the ABC1 category are falling victim, with 4% of respondents saying they use credit cards in this way. 1 in 12 Londoners are resorting to plastic to pay their mortgage or rent.
Shelter has expressed serious concern about this situation, since adding high-interest credit card debt on top of over-demanding mortgage payments will only add to household debt in the long term. A spokesperson commented: ‘It is absolutely vital that every single person using credit cards in this way seeks advice urgently to get the help they need to ensure they don’t lose their home.’
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We saw a rise in illegal evictions in 2009. My concern would be that those over lending on credit cards could ultimately fall in to arrears and with landlords needing the rent to pay their mortgage we could see another rise in illegal evictions and people losing their homes.