Households paying mortgages with credit cards

chucky

Emy1501 wrote: »

Its not from a random blog though is it? 2000+ you gov poll? Also assume you wont be relying on NW figures anymore in view of the fact they have a VI interest?

don't try your usual technique of trying to twist this into something that wasn't said at all.

here's what i said

chucky wrote: »

bears usually post information from a random blog on the internet.

i'd rather see information from the Land Registry if it's ok with you.
they're going to be a bit more reliable on theur information than some random blogger on the internet who posts a controversial view just to get his 'hit count' up.

nothing at all against YouGov
it's a good survey. it's a shame the bears on here have read it as something else

macaque wrote: »

If 1m people are using credit cards to pay mortgages, then 'approximately' million people are in properties they cannot afford

when it should be

Up to one million households have borrowed money on a credit card to pay their mortgage or rent

chucky

Mr.Brown wrote: »

Dunno. You seem to be the expert.

yawn - that's your best comeback mewbie.
you're becoming more and more of a loser aren't you.

University starts soon. that will be more cash you pay out. love it

Mr.Brown_4

chucky wrote: »

yawn - that's your best comeback mewbie.
you're becoming more and more of a loser aren't you.

University starts soon. that will be more cash you pay out. love it

Oh Chucky my little internet buddy, if only you knew the truth. I only log on here to have some fun, don't have a need to brag about my situation. That's why I am relaxed about the possibility of house prices dropping for example, it is not the end of my world if they do.

julieq

Emy1501 wrote: »

So 2 wrongs make a right now? Just because bears dismiss surveys they don't like its ok for you to do too? If it was not a story why are there a 100+ articles on it via google news? Its not a re hash also is it? You gov survey of 2000+ people done in 2009? Also 4% of middleclass people using CC's does not suggest it only relates to the less well off.

Well, it doesn't affect 92% of the less well off. And 96% of the middle classes don't do it either.

So what does that tell us? The middle class are better off than the less well off, and even the less well off aren't resorting to credit cards to pay for their housing in any great numbers.

And that's all.

It makes a splash on the news because it's designed to do that. News organisations get a nicely pre-spun story which makes a headline without any of that tiresome journalism or analysis.

Oh, and note the "up to" in the headline, which means the headline figure is at the top end of the error range for the statistical analysis.

This story tells us more about the techniques of media manipulation than anything useful about the housing market or the economy.

chucky

Mr.Brown wrote: »

I only log on here to have some fun

and don't forget follow me around the forum.
it's good that i'm the centre of your internet world.
at least you being on the internet keeps you away from people in the real world.

StevieJ

kennyboy66 wrote: »

I'm a bit dubious about these 'surveys' particularly when it is the charity's interest to paint things as bad as possible.

As if by magic, Shelter's October 2007 also suggested that 1 million people then were paying mortgage or rent with their credit card.

The cynical among you could even think it was an identical survey dusted down on a slow news day to get Shelter some publicity.

.

You are almost certainly correct, the last line in the BBC article says

'The charity also found that 74% of the 132,000 applications in 2007 resulted in charging orders being made.'

So it is mortgage or rent and was carried out over two years ago :rolleyes:

To be fair Shelter say it was carried out recently.

http://england.shelter.org.uk/news/january_2010/1m_paying_for_homes_by_creditcard

Mr.Brown_4

chucky wrote: »

and don't forget follow me around the forum.
it's good that i'm the centre of your internet world.
at least you being on the internet keeps you away from people in the real world.

It's only a forum Chucky, not very important! Funnily enough - I manage to interface in the real world as well as here. I know it's hard to form a picture, and I am not going to help you there - but let's say I am not here as an escape from a depressing reality.

So try to chill baby. Nothing on here, not even beloved house prices is really very important.

Harry_Powell

Let's also try to remember the flaws inherent in this sort of research. Does anyone here believe that Shelter's researchers interviewed every single OO/Renter in the UK and discovered that 1M had used credit cards to pay their mortgage. In reality Shelter asked a 'cross section' of about 1000 people (if that) and extrapolated that up to the UK population.

Clearly it depends on the area where they did the research what results they get. If you interview 1000 residents of Mayfair you might end up extrapolating "10K people have used credit cards to pay mortgage", whereas 1000 reidents of Hull might extrapolate into "20M people have used credit card to pay mortgage".

It also depends on the time frame for the question. My Bro's mate is a doctor and he was famously bad at managing his money when he was a junior doctor, he often withdrew money from his credit card in order to pay into his bank account for his direct debits (including mortgage). If they asked him "Have you ever", he'd be one of the 1M, if they asked him "have you in the last 12 months", he'd say "nope."

Incidently, he was bad at managing his money because while he had a lot coming in, he also partied hard and holidayed often. When the crunch came, he sorted himself out with a sustained period of no holidays and no partying. Not everyone who has debts or miss-uses credit cards is some chav low-life who can't afford to settle their liabilities.

As others have said, this is a bit of a non-story.

MatteH

chucky wrote: »

don't try your usual technique of trying to twist this into something that wasn't said at all.

here's what i said

nothing at all against YouGov
it's a good survey. it's a shame the bears on here have read it as something else

when it should be

With regards to the rent portion of the total figure, I wonder how many of those are renting a property which is under a BTL mortgage?

Perhaps they're renting off our dearest Hamish?:eek:

chucky

MatteH wrote: »

With regards to the rent portion of the total figure, i wonder how many of those renting are a property under a BTL mortgage?

Perhaps they're renting off our dearest Hamish?:eek:

no idea - how many do you [STRIKE]hope[/STRIKE] think?