Many people in the UK are using credit in an effort to pay their mortgage, new research has shown.
The survey, carried out by Shelter, revealed almost one million individuals took out a payday loan in order to keep up their home loan payments or afford their rent in the last 12 months.
In addition, the study also found nearly seven million UK adults are relying on credit of one form or another – be it unauthorised overdrafts, credit cards or other loans – to keep on top of their housing commitments.
According to the charity, the findings illustrate the high level of debt people are being forced to take on in order to have a place to live.
Campbell Robb, chef executive of Shelter – which was founded in 1966 – said: “We urge every single one of these people now relying on credit to help pay their rent or mortgage to urgently seek advice.”
Mr Robb explained someone in the UK faces the threat of losing the roof over their head every two minutes, due to repossession or eviction.
