One in 20 UK adults used credit such as a loan or credit card cash advance to pay their rent or mortgage in February 2014, according to a survey by Debt Advisory Centre.
The OnePoll survey, which questioned 1,822 UK adults between 25 February and 7 March, found that around 5.5% to 6.5% of surveyed householders used payday loans or credit card cash advances to pay their rent or mortgage in February, up from 3% in August 2013.
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Among the two genders, nearly 8.2% men used credit to cover the rent or mortgage payment, compared to 4.9% women.
Debt Advisory Centre spokesman, Ian Williams, said it is always worrying to hear that people are relying on credit to pay for an essential outgoing like their home, but learning that the number doing so has risen so significantly in such a short space of time is a real cause for concern.
"Rent or mortgage payments are a priority bill. If you have to borrow money to pay them it is a big warning sign that your finances are out of control and you should seek expert money advice," Williams added.
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By GlobalData
