Posted: Fri Jun 20, 2008 4:53 pm
Mortgage Strategy has today reported that more than four million households have used credit cards to pay for their rent or mortgage in the last year, a report from homeless charity Shelter reveals.
The report, entitled Breaking Point – How Unaffordable Housing Is Pushing Us To The Limit, also warns that 2.8 million households have had to borrow money through loans or via friends and family to meet housing costs.
A worrying six million households are suffering stress and depression due to worries over meeting their mortgage or rental payments, says Shelter.
Shelter has appealed to the government to do more to help those households hit hardest by the credit crunch.
It has called for a reform of property taxation and for the Financial Services Authority to enforce rules surrounding lenders’ repossession behaviour.
The report, entitled Breaking Point – How Unaffordable Housing Is Pushing Us To The Limit, also warns that 2.8 million households have had to borrow money through loans or via friends and family to meet housing costs.
A worrying six million households are suffering stress and depression due to worries over meeting their mortgage or rental payments, says Shelter.
Shelter has appealed to the government to do more to help those households hit hardest by the credit crunch.
It has called for a reform of property taxation and for the Financial Services Authority to enforce rules surrounding lenders’ repossession behaviour.