Mortgage holders and tenants are turning to payday loans, credit cards and short term loans to help meet the monthly costs.
A survey by homeless charity Shelter has revealed that almost 1 million mortgage holders took out payday loans to help meet mortgage repayments last year.
The survey went on to reveal that a whopping 7 million people in total were dependent on some form of short term loan, credit card or unauthorised overdrafts to help meet the costs of their mortgage or rent.
Shelter have suggested that by turning to the likes of payday loans or credit cards could well see more and more people spiralling into debt.
The Charity’s CEO, Campbell Robb, commented:
“Every two minutes someone in Britain faces the nightmare of losing their home. We urge every single one of these people now relying on credit to urgently seek advice.”
Creditwindow suggests turning to the likes of the Consumer Credit Counselling Service or Money Advice Service to seek advice on managing debt and to look into new ways of controlling spending to meet monthly needs.
If you are looking for a debt management programme it may be worth looking at what the likes of MoneyExpert have to offer.
