According to a recent report millions of consumers are paying their mortgage repayments through the use of a credit card and this is a sign of the severe struggles that many households are facing as their finance continue to get tighter due to high interest rates, high borrowing costs, tight credit conditions, rising bills, and increasing living costs. It is thought that over the past year four million homeowners have had to use their credit card in order to make at least one mortgage repayment when finances have been particularly tight.

Industry officials have stated that not only does having to use a credit card to make a mortgage loans repayment say a lot about the financial difficulties that the consumer faces, and is likely to continue facing, but this is also one of the most expensive ways to make a mortgage repayment, with extortionate interest charges added. The data comes from a report from the homeless charity Shelter.
One official from the charity stated: ‘Our report shows just how difficult it is for ordinary people to cope with spiralling housing costs, and how desperately unaffordable housing has become. People are going to extraordinary lengths to ensure they pay their rent or mortgage, but the affects of stress or depression, having to sell possessions or deprive the kids of treats can be devastating to family life.
Many people are in constant fear over losing their homes due to struggling with repayments.

The Housing Minister Caroline Flint, stated: ‘We are taking action to support families who may be facing difficulty because of current market conditions, with pound;9m more for face to face debt advice, and free legal advice to all households at risk of repossession.