Using credit to pay off mortgages 'not always a bad thing'

Meeting mortgage payments through the use of credit cards might not be a bad method of managing personal finances for some consumers, it has been argued.

A spokesperson for the Debt Advice Bureau has commented that so long as credit card charges are less than those involved in their mortgage rates, using credit to fund a home is not necessarily a bad thing.

Stemming from cash flow problems, consumers tempted to use their credit card to fund mortgage payments should only do so if constitutes a simple credit transtition based on a lower interest charge, he noted.

But such financial managment has led to some people doing "very well" after technically buying a house on credit, the charity''s spokesperson said.

"If somebody''s paying considerably less on their credit card than they are on their mortgage then it''s a good thing, but if they''re paying more on their credit card than they are on their mortgage then it''s a bad thing," he stated.

A recent survey conducted by YouGov on behalf of Roof magazine revealed that six per cent of UK homeowners resort to meeting mortgage payments via their credit cards.

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