Credit cards used to pay mortgages,Cameron criticises restrictions on home loans
According to latest data from the housing charity Shelter – around 2 mn people have used their plastic money (credit card) to pay for their mortgages and rent’s in Uk.Charity also warns people on the increased threat of unemployment and rising interest rates.
Thousands of people are finding it difficult to buy a home.Some of them have moved in with families or friends as they cannot afford to buy or rent a house.While others are working extra hours to pay for their homes.
Prime Minister David Cameron blames banks and building societies for their ‘excessive’ home loan restrictions which had lead people to use credit cards to pay for housing and rents.He said ‘You need a housing market where people are able to sell and move.’The housing market has become very stuck and we’ve got to get it moving again.’