Two million people struggle to pay off their mortgage... - Other News

ADVERTISING DISCLOSURE

ADVERTISING DISCLOSURE:
Credit-Land.com is an independent, advertising-supported web site. Credit-Land.com receives compensation from most credit card issuers whose offers appear on our site. Compensation from our advertising partners impacts how and where their products appear on our site, including, for example, the order in which they may appear within review lists. Credit-Land.com has not reviewed all available credit card offers in the marketplace.

Credit Card Applications » News » Other » Two million people struggle to pay off their mortgage loans using their credit cards

Two million people struggle to pay off their mortgage loans using their credit cards

Two million people struggle to pay off their mortgage loans using their credit cards
The content is accurate at the time of publication and is subject to change.

In a desperate effort to pay off their mortgages, at least two million people are making payments using their credit cards as they are struggling with their home loans, as per the homeless charity shelter. The number of homeowners as well as tenants who are resorting to paying with their credit cards to retain their homes, has risen by nearly 50% since November 2009. A poll conducted by YouGov has interviewed 2,234 individuals in Britain, 6% had admitted using their cards to pay off mortgage loans compared to 4% in 2009, which suggests a national figure of around 2 million people.


With rising interest rates and unemployment, coupled with the hike in VAT and the inflation, the charity warns that these families have started the year with the likelihood of losing their homes as they run the risk of exhausting the little expensive credit that is available to them.


Campbell Robb, Chief Executive, has stated that their research has brought out these figures into focus where there are millions in the nation who face the daily struggle to keep their homes.


This situation is not going to be sustainable in the long run as there would be a few more thousands of families that might be pushed into spiraling debt, eviction, and repossession, which would ultimately make them homeless.


It is important that each and every person should take some responsibility and try to get out of debt. Its is also advised to get some useful advice from organizations such as Shelter in order to ensure that they don`t lose their homes.


While a spokesperson at Council of Mortgage Lenders (CML) states that a majority of these people were most likely the tenants and not home owners as the payments of home owners was usually through direct debit. As per the CML reports last year only a small percentage of people resorted to paying by card.


Shelter has urged people with mortgage loans to seek help from the non-profit advisors who give their advice based on what is best for you as their motive is not to make profit. Paying off debt and creating another is not the solution.

Disclaimer: This editorial content is not provided or commissioned by the credit card issuer(s). Opinions expressed here are the author's alone, not those of the credit card issuer(s), and have not been reviewed, approved or otherwise endorsed by the credit card issuer(s). Reasonable efforts are made to present accurate information, however all information is presented without warranty. Consult a card's issuing bank for the terms & conditions.
All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.
Add to Favorites:

Related News:

The Newly Revamped Hawaiian Airlines World Elite MasterCard

Posted: July 20, 2018

Vacationing in Hawaii can be a dream for many, and those with the recently upgraded Hawaiian Airlines World Elite MasterCard and Hawaiian Airlines Business MasterCard can earn miles towards a trip quicker with the cards newly revamped ... Continue reading
Getting Cash Back When Flying With Aerolineas Argentinas

Posted: July 19, 2018

There is a new Amex Offer on the table for people who are thinking about flying with Aerolineas Argentinas, giving them $100 in cash back when booking flights with the airline. To get the deal, travelers must spend $500 or more. Continue reading
American Express Cardholders Get Free Amazon Prime

Posted: July 18, 2018

If you have an American Express credit card you may find a special offer in your inbox, one letting you take Amazon Prime for a test drive for free for three months. This offer is available until July 23rd, 2018, or until 160,000 people ... Continue reading
Get the latest news, articles and expert advice delivered to your inbox. It's FREE.
Earn 5% cash back at different places each quarter like gas stations, grocery stores, restaurants, Amazon.com, or wholesale clubs up to the quarterly maximum each time you activate.
For Excellent, Good Credit
We'll match all the Miles you've earned at the end of your first year. For example, if you earn 30,000 Miles, you get 60,000 Miles.
For Excellent, Good Credit
0% Intro APR on Balance Transfers and Purchases for 18 months. After that, the variable APR will be 15.74% - 25.74% based on your creditworthiness*
For Excellent, Good Credit
You've successfully subscribed!

Please specify the following:All these fields are optional

Your Credit History
Themes you are interested in:

By providing this information you help us make our news letters more useful and informative. Thank you!