For Your Protection and Peace of Mind
All our loans & procedures are approved and qualified by our fully experienced compliance team to ensure they meet our high standards and comply with all current regulatory requirements
 News |
|
Search Categories |
| Archive News |
Consumers 'warned over homeowner loan debt'
Homeowners in the UK have been urged by an expert to not use credit cards to pay off mortgages or other loans.
Martin Lewis of MoneySavingExpert.com has claimed that as both mortgages and plastic cards tend to signify some form of debt, using them to pay rent or mortgages "can store up mammoth financial problems".
He also gave his backing to a new campaign from housing charity Shelter, which is calling for such people to seek help for their debt problems.
"If you can't afford to pay your housing costs lumping up the borrowing is never the answer - far better is to seek help as soon as possible and start managing the problem," he explained.
Recent figures from Unbiased.co.uk revealed that consumer savings levels in the UK fell to £13 billion during the third quarter of 2009.
However, the website added that debt levels only dipped slightly over the period.