Thursday 6th of January 2011
It seems the financial predicament of many people in the UK - which may include those wanting to ask individual arrangement (IVA) questions - has become so severe that they are trying to keep a roof over their head by any means possible.
An new YouGov poll for Shelter has found more than two million individuals in Britain have used credit cards to pay their mortgage or rent in 2010 - which marks an increase of almost 50 per cent in just one year.
The charity warned the figures indicate many people could be entering the new year with the threat of homelessness looming large.
Campbell Robb, chief executive of Shelter, said the findings highlight the daily struggle experienced by many on a daily basis.
The industry expert observed: "This is a totally unsustainable situation and one which we fear could see thousands more families pushed into the spiral of debt, eviction or repossession and ultimately homelessness."
Paying with plastic is the worst course of action to take for those in such a predicament, he explained, noting the average credit card interest rate now stands at over 16 per cent.
It means people struggling to keep their finances under control may wish to seek IVA answers to help them decide on the best way to go about improving their monetary position.
Mr Robb added someone faces the prospect of losing their home every two minutes and remarked: "We would urge every single one of these people now relying on credit to keep their home to seek advice urgently."
Actress Jaime Winestone has lent her support to Shelter's debt campaign and is to star in a short film by the body that sees her character using credit cards to help cover her rent - only to end up in deeper financial turmoil.
Chief executive at Informed Choice Nick Bamford recently claimed debt problems are likely to persist for years for many UK adults.
By Hayley Jones
