It has been reported that in the last 12 months nearly one million people are taking out payday loans to cover either their rent or mortgage, according to the housing charity shelter.The charity said that almost seven million people in total are relying on
some form of high cost credit to help pay their housing costs.
The findings were made in a survey conducted on behalf of Shelter, which warned that the use of credit to cover accommodation costs risked increasing incidents of homelessness for people struggling with their finances.
Campbell Robb, chief executive of Shelter, called the findings “shocking”.
He said: “These shocking findings show the extent to which millions of households across the country are desperately struggling to keep their home.
“Turning to short-term payday loans to help pay for the cost of housing is totally unsustainable. It can quickly lead to debts snowballing out of control and can lead to eviction or repossession and ultimately homelessness.”
The survey was performed by YouGov survey for Shelter in December 2011, and asked 4,014 UK residents if they had used payday loans, unauthorised overdrafts, other loan or credit cards to help pay their rent or mortgage in the last 12 months.
One in seven respondents (15%) who took part said yes, representing a national figure of almost seven million people, with almost one million people using payday loans.
Shelter says 6 million people have used credit cards, personal loans and unauthorised overdrafts to help pay their housing costs.
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