Mortgages -
Credit Action: Don't use cards to pay off your mortgage - 27/02/2008
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Consumers are set to turn to credit cards to pay their debts due to increasing financial pressures, Credit Action warned yesterday.
According to the charity, rising inflation and the credit crunch will force many into using the high-interest credit for the monthly payments.
However, Credit Action also warned that this situation was unsustainable - and hinted that it could lead to deepening debt and even insolvency.
"This is a very worrying scenario to find yourself in and at that point - when you start using your credit card as a necessity, or you're unable to pay it off month by month - you should go and get help," Chris Tapp at Credit Action warned.
"If you are using your credit card to pay your mortgage, it's a worrying indicator because you can't do that forever."
Previous figures from Credit Action have shown that the UK's personal debt level as of September 2007 approached £1.4 trillion.
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