1 Million Pay Mortgage With Credit Card

From The Guardian:

Rising housing costs forced more than a million householders to use a credit card to pay their mortgage or rent over the past 12 months, a poll for the housing charity Shelter reveals today.

It says a growing number of young people are turning to expensive sources of credit to hang on to a home.

The survey, conducted by YouGov for the charity’s magazine Roof, polled 2,000 households last month after the run on Northern Rock. It found that 6% of householders paying mortgage or rent reported using a credit card to make payments, rising to 7.5% of younger people aged 18-24, who were trying to keep a foothold on the first rung of the housing ladder.

Full article.

Simply amazing and terrifying.

I’m beginning to wonder if my children will actually be able to afford to buy a house when the time comes. So, what is the solution to the UK housing problem?