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1 in 10 Rely on Credit to Pay Mortgage or Rent

1 in 10 Rely on Credit to Pay Mortgage or Rent

Published by the Pirate FM News Team at 6:01am 4th January 2012.

More and more people in Cornwall are relying on credit to pay their rent or mortgage.

According to a survey by homeless charity Shelter 570,000 in the southwest are using credit cards, loans or overdrafts.

That includes payday loans, with skyhigh rates of interest.

Campbell Robb, Chief Executive of Shelter, said, “These shocking findings show the extent to which thousands of households across the South West are desperately struggling to keep their home.

“Turning to short-term payday loans to help pay for the cost of housing is totally unsustainable. It can quickly lead to debts snowballing out of control and can lead to eviction or repossession and ultimately homelessness.

“Every two minutes someone in Britain faces the nightmare of losing their home. We urge every single one of these people now relying on credit to help pay their rent or mortgage to urgently seek advice.”

If you would like some advice on budgeting for rent or mortgage repayments check out the advice here.

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