2 Million Admit Paying Mortgage Debt With Credit Cards

Figures just released by the housing charity Shelter has revealed a worrying number of home owners have covered mortgage payments with their credit cards in a desperate bid to stave off financial difficulties and hold on to their homes.  According to the report, more than 2 million people have resorted to paying their mortgage through additional borrowing, a 50% increase on the previous year.

According to the charity, job market insecurities and the rising cost of living will leave many facing the very real prospect of homelessness after available credit limits have run dry.

Campbell Robb, chief executive of Shelter, said “This research brings into sharp focus how keeping a roof over their head has become a daily struggle for millions across the country. This is a totally unsustainable situation and one which we fear could see thousands more families pushed into the spiral of debt, eviction or repossession and ultimately homelessness  …  already someone faces the nightmare of losing their home every two minutes, and we would urge every single one of these people now relying on credit to keep their home to seek advice urgently.”

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