A million Brits 'use credit to pay for home'

Mortgages are proving to be a costly outgoing for many homeowners, with a significant number of Britons admitting they have used a credit card to keep up with payments over the last year.

According to Shelter, as the credit crunch rumbles on, a poll by YouGov - which appeared in the charity's magazine Roof - found over a million people have used their credit card to pay for either their mortgage or rent in the last 12 months.

However, the charity has warned that such a reliance on plastic could in fact result in people losing their homes.

Kay Boycott, director of policy and campaigns at Shelter, said: "This is a shocking discovery, that over a million households in Britain are in such desperate circumstances that they need to borrow money on credit cards to pay for basic housing costs."

Rather than using credit, Britons may wish to look for more affordable flats to rent in Islington or another part of London, with rental prices typically more stable than the cost of buying a home.

This may be particularly advisable after uSwitch.com warned people to prepare themselves for slightly higher energy bills this winter as a result of staying warm in the cold snap.

Written by Ben Carter

Published 11th January, 2010

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