Households paying mortgages with credit cards

Really2

Nutrisse wrote: »

Abuse Report Received [#342283]

I never thought Mewbs had the need for hair care products.

julieq

Emy1501 wrote: »

Its a you gov poll of 2000 people in 2009. If 70% own then its likely that 700,000 have paid their mortgage by credit cards. Why they paid it and how often is the question that people relaly need to know.

Why people are simply dismissing the survey is beyond me

If they don't publish the data you can't know. And that sort of linear extrapolation is ridiculously oversimplistic. It's far more likely that the people having trouble paying for accomodation would be those who can't afford to buy. It's pretty clear that there's a diminishing problem in the "middle class" which I suppose is determined by income, where more people would be expected to be owner occupiers. So we can cautiously conclude that people with higher incomes are progressively less likely to use credit cards to pay housing costs.

And as I say, the number is "up to", which means that we're looking at the the top of the error spread on the sample. In absolute percentage terms, fairly low numbers of people are reporting using their credit card at some point (the survey doesn't say how sustained this is).

So the report says virtually nothing at all. It really wouldn't take much to flesh out the obvious problems by publishing base data and methodology but it would lessen the impact of the story as a means of promoting Shelter.

bernard_shaw

julieq wrote: »

It's far more likely that the people having trouble paying for accomodation would be those who can't afford to buy. But went ahead and bought anyway.

Fixed!

Dan:_4

I have paid my mortgage on a credit card for the last 7 years, as my lender does not charge a fee for doing this. Therefore my mortgage payment earns me 59 days worth of interest every month.

Don't be so foolish to assume that anyone who uses a credit card to pay the mortgage/rent is struggling financially.

michaels

Over on stoozing.com there is a thread on which mortgage companies take credit cards and discussion about whether it is better to go for 1% cashback or a 15 months 0% card (slow stooze) - the more advanced with current account type mortgages overpay each month by credit card to earn cashback and the re-borrow (drawdown) in order to pay back the card maximising cashback earning potential.

oldMcDonald

I would be in the figures as someone who pays my rent every month by credit card - I have done ever since I moved into this property 5 1/2 years ago. I also pay my council tax by credit card and any other bill that accepts it.

I get 1% cashback on my credit card - not a huge amount I know, but as I clear my credit card every month that is 1% back on these bills.

StevieJ

This is what MSE is about, some good cash utilization advice there.

[Deleted User]

I don't have a mortgage, but if I did, and if I could pay it on my credit card I certainly would.

We have a Tesco's credit card and we get 1% on everything we buy with it. If we take our points as tokens that is multiplied up to 4%. By paying everything under the sun by credit card we get a couple of free Blockbuster video rentals per week and free meals at various restaurants once or twice a month.

StevieJ

Deleted_User wrote: »

I don't have a mortgage, but if I did, and if I could pay it on my credit card I certainly would.

We have a Tesco's credit card and we get 1% on everything we buy with it. If we take our points as tokens that is multiplied up to 4%. By paying everything under the sun by credit card we get a couple of free Blockbuster video rentals per week and free meals at various restaurants once or twice a month.

2% off food and petrol with the Barclaycard, not to be sniffed at

nearlynew

Aren't credit cards briliant.