A recent survey has discovered the lengths that people are going to in order to pay their mortgage or rent every month. The article (www.guardian.co.uk -17/10/07) states 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.

The same article also cites Adam Sampson, Shelter’s chief executive, who says the results are shocking. “The number of people hit by the credit crunch, interest rate hikes and unaffordable housing costs, are rapidly rising. For many people trying to keep a roof over their head, desperation is driving them to short-term, high-cost borrowing,” he says.

This survey has shown that people will go to incredible means to ensure that their mortgage is paid. Interest payments on credit cards are significantly more with most credit card companies charge interest at between 15% and 18%. This can be even worse with people with poor credit ratings, in these instance credit card companies can charge up to 40%.

A much more attractive option could be to take out a secured loan or remortgage your home to reduce your outgoings. Even if you have been refused credit by the high street lender or have a bad credit history a specialised broker like Newleaf Finance may be able to help you.

Contact us today on 0800 281 370 or apply online now, for either, a secured personal loan or remortgage.