|
|
Article: Would you use a credit card to make mortgage repayments or pay rent?
- Article from:
- Mortgage Strategy
- Article date:
- October 29, 2007
CopyrightCOPYRIGHT 2007 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
More than a million householders have used a credit card to pay for their rent or mortgage, research by Shelter has revealed. With credit card firms typically charging interest rates of between 15% and 18%, this is nearly 50% higher than the steepest sub-prime mortgage rates.
Maren Lahmann, 23, credit controller
I would never consider making any mortgage repayment on a credit card because it is too easy to lose track of the amount of money you have spent. It is a dangerous move, whether you're paying rent or a monthly mortgage payment. The culture of credit cards is changing so much as they are becoming more accepted, but I have always been careful.