Credit cards ‘keeping Brits on housing ladder’

Many thousands of mortgage borrowers across the UK are using their credit cards to meet mortgage repayment demands, according to a recent study.

The research findings have been published by Shelter and show that over a million Britons have added to their credit card debt burden in order to pay their rent or meet mortgage demands.

Young people are among those running the risk of credit card debt disaster in this way, with around 7.5 per cent of 18 to 24-year-olds meeting housing costs with their credit cards, Shelter reports.

“For many people trying to keep a roof over their head desperation is driving them to short-term, high-cost borrowing,” said Shelter’s chief executive Adam Sampson.

“Ordinary people are being forced to seek more risky and expensive ways to stave off the threat of eviction and repossession,” he added.

Data compiled by the Council of Mortgage Lenders revealed recently that mortgage repayments became more unaffordable for the typical British household during September.

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