Britain: Two million struggle to hold on to homes using credit cards

[marmar]

More than two million people have used a credit card to pay their mortgage or rent in a last-ditch attempt to hold on to their home according to the homeless charity Shelter.

The number of homeowners and tenants resorting to credit to keep a roof over their heads has risen by nearly 50% since November 2009. The polling organisation YouGov asked 2,234 people in Britain if they had borrowed money on a credit card to pay their rent or mortgage over the last year. Some 6% said that they had compared to just 4% in 2009 suggesting a national figure of close to two million people.

The charity warn that the rising interest rates and unemployment coupled with an increase in VAT and inflation means that many families are starting the New Year with the very real prospect of losing their homes once they have exhausted the small amounts of expensive credit available to them.

Shelter’s Chief Executive Campbell Robb said: “Our research brings into sharp focus the daily struggle faced by millions of people across the country to keep a roof over their head.

‘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’ ...............(more)

The complete piece is at: http://www.totallymoney.com/news/index.php/2011/01/two-million-struggle-to-hold-on-to-homes-using-credit-cards/

[stray cat]

1. it is clearly not just the US