Rent And Mortgage Payments Made With Credit Cards

More and more people are paying their rent or mortgages with money borrowed from credit cards. The charity Shelter surveyed 2,202 people and found that 6% of those people had uses money borrowed from a credit to pay the rent or mortgage. Shelter reflected that borrowing money from a credit card company to pay these sort of bills is the “worst possible course of action” for householders.

A spokesman for the Council of Mortgage Lenders (CML) said the vast majority of cases would relate to rent payments, as regular mortgage payments were deducted from bank accounts rather than from credit cards. “Some 11% have used a credit card to pay their bills at some point. Despite recent sensationalist news headlines, only 2% of mortgagors have ever paid their mortgage on a credit card, with half of these paying off the balance at the end of the month.”

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