The number of people paying for their mortgage with a credit card is "terrifying", according to an expert.
Chris Jenkins, co-owner of the Homeowners Advice Centre, made this comment in response to research by Shelter.
The study revealed that more than one million people had covered the cost of their home loan by credit card in the last year.
Mr Jenkins said: "It is a frankly terrifying thought that so many people are resorting to plastic payment in order to pay essential monthly bills such as mortgage and rent payments.
"The report seems to suggest that these are not just one off payments but a regular use of plastic in order to stave off arrears and repossession."
He added that this is not a good idea in the long term, despite it seeming like a solution to debt problems in the short term, stressing that paying for a mortgage in this way can add to a person's debt worries.
See Also: Property News (6699)
Date Published: 13 January 2010
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