17 Oct

Young Brits use credit cards to pay rent and mortgages

Young Brits use credit cards to pay rent and mortgages

More than one million Britons are paying their mortgage or rent with credit cards, new research has revealed.

A study from homeless charity Shelter showed that six per cent of householders have used credit cards for this purpose in the last 12 months.

The highest incidence of the practice was among the 18-24 year old bracket, 7.5 per cent of whom admitted that to using cards to pay for housing.

The trend can be attributed to rising interest rates and "unaffordable housing costs", according to Shelter's chief executive Adam Sampson, who warned that borrowers who used credit cards in this way were facing a "ever-spiralling maze of debt".

He said: "For many people trying to keep a roof over their head desperation is driving them to short-term, high-cost borrowing.

"Ordinary people are being forced to seek more risky and expensive ways to stave off the threat of eviction and repossession."

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