Buy to let mortgages 'should not be repaid with a credit card'

28 May 2010

Written by Steve Olejnik

Paying down a buy to let mortgage with a credit card is "financial suicide", one expert has said.

Richard Storsky of UK Insolvency Helpline Debt Advice Service, revealed that the organisation has received 40 per cent more calls between January and April than it did for the same period last year.

"What you're finding now is that people, I think, are scared. They see Greece going into recession, they see America in recession and they're thinking 'I've got to get help now'," he explained.

According to a recent survey conducted by comparison site moneysupermarket.com, nearly five million Brits frequently use their credit card to pay household bills, while 2.5 million withdraw cash with them and 43 per cent borrow money to buy everyday items.

This is not a good way to manage money, Mr Storsky advised, recommending that people live within their means and reserve credit cards for emergencies only.

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