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Paying off mortgages with credit cards 'not a solution'
People should not regard paying off homeowner loans with credit cards as a solution to debt problems, according to an expert.
Chris Jenkins, co-owner of the Homeowners Advice Centre, said in many respects such a move can only add to a consumer's financial difficulties, as large debts can emerge and people will not get their finances under control.
He added that those in such a situation need to consider financial help as soon as possible, as products such as debt consolidation loans could prove vital in correcting the problem.
"Once their supply of credit runs out then this will only lead to missed payments that may lead to people losing their home or bankruptcy," he explained.
"There are many organisations out there such as Citizens Advice or The Consumer Credit Counselling Service that can offer advice about budgeting and financial planning."
Recent figures from Shelter suggested that over a million households have used their plastic cards to pay off mortgage or rent in the past 12 months.