Using credit cards to meet monthly mortgage repayments is an "awful situation", it has been claimed.

Colin Jackson, director of Baronworth Investment Services, asserts that many Britons are currently facing monthly repayments that they cannot afford.

But he cautions against using credit cards to cover such costs - arguing that doing so can leave consumers with nowhere "to go next" other than another card.

An alternative could be to obtain a homeowner loan, which may be secured against a property in addition to a mortgage and could be the ideal solution to a short-term financial problem.

"People now are using their credit card to pay for their mortgage and that is the most awful situation to be in," Mr Jackson explains.

"The trouble is once you get into that situation, you run up massive debts, for example on your credit cards."

A solution to this for consumers who have not taken the homeowner loan route to addressing their finances could be to obtain a debt consolidation loan, which might be able to reduce the amount of borrowing held on credit cards.ADNFCR-1287-ID-18391448-ADNFCR

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