Mortgage holders are using credit cards to meet their monthly repayments, it has emerged.

Research conducted by homeless charity Shelter found that seven per cent of men and six per cent of women have used their card to cover a mortgage payment.

But the charity asserts that this could mean incurring interest rates 50 per cent higher than typical mortgages.

Chief executive Adam Sampson comments: "Desperation is driving them to short-term, high-cost borrowing.

"Ordinary people are being forced to seek more risky and expensive ways to stave off the threat of eviction."

Such short-term measures could prove costly in the long run - with the average annual interest costs per person standing at £3,725 in August 2007, according to Credit Action.

By obtaining a homeowner loan though, some of the equity held in the property could be released.

This may allow short-term financial problems to be tackled while putting in place a long-term repayment schedule to get back to a secure monetary standing.ADNFCR-1287-ID-18320538-ADNFCR

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