Using Credit Cards to Pay Mortgages

 

A recent announcement by the Homeless Charity Shelter has government officials in alarm. The shelter announced that 6 percent of respondents to a recent survey stated they are using their credit cards to keep on top of their mortgages or rents.

It is mainly the working class who has been paying off their credit card debts using plastic. The poll also discovered about four percent of the middle and upper classes are also incurring more debt in order to pay it off. The charity is concerned that eventually the credit limits will be reached and these individuals will be suffering even more.

If one cannot pay off their credit card or they no longer have enough of a limit, not only will the credit card cut them off but home repossession will be a possibility. For those who are using credit cards its more about keeping a roof over their head as long as possible until nothing else can be done but to foreclose.

Unfortunately, increasing the credit card debt is the wrong way to go about this. Still, if you must use credit cards it is imperative to find the right one through credit card comparison to avoid further detriment.

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