Latest News
13 Jan 2010
One million families borrow on credit cards to cover housing costs
At least one million families which equates to 6 per cent of households have resorted to using credit cards to pay their mortgage or rent during the past year, according to research for Shelter, the housing charity.
The poll by YouGov, indicates that 8 per cent of people in working class jobs have used debt to cover their mortgage or rent, compared to 4 per cent of people in the middle class ABC1 demographic.
A warning that many of the people who had resorted to using credit to cover their housing costs could face homelessness this year, as defaulting on repayments could lead to their property being repossessed . People who were struggling to keep up with their housing costs to seek advice urgently.
Borrowers who face a temporary drop in income are able to defer up to 70 per cent of the interest on their mortgage repayments for up to two years under the Government's Homeowners Mortgage Support (HMS) scheme.