Stop Repossession – The Debt Shock

A homeless charity has warned that over a hundred thousand people across Scotland were relying on debt to avoid eviction or to stop repossession.

Debt is perhaps one of the biggest miseries in modern society. It can create unimaginable anxiety, leaving thousands of us living under a dark, seemingly endless cloud. And now a homeless charity, Shelter has spoken out saying that a “shocking” number of homes in Scotland – as well as across the UK – are relying on their credit cards to pay their mortgage. For many people in such dire straits, they are desperately trying to stop the repossession risk. But many are walking a fine financial tightrope.

Stop Repossession – The Debt Risk

Graeme Brown, director of Shelter in Scotland has spoken out to the press urging families who depend on plastic to get financial advice fast. Using credit cards to pay basic day to day living costs, such as household bills and mortgage repayments, is a fast-track to repossession. And thousands are expected to find themselves struggling to stop repossession in 2010 as unemployment is predicted to rise. Charities and organisations such as Citizens Advice have long-warned of the dangers of debt .And using credit cards to pay mortgages or regular bills will put many homeowners further and further into financial difficulties.

The Dangers of Spiralling Debt

In Scotland alone it has been estimated that 128,000 homes are so desperate that they rely on credit cards for basic housing costs. This figure is expected to be much bigger across the UK. It could be indicative of a repossession time bomb. The fear that many homeowners have about losing their home or being unable to stop repossession is creating misery for hundreds of thousands. And falling into deeper debt is one of the biggest dangers they face. Financial advisors have said it is “absolutely vital” for those who rely on their credit cards for day to day living seek help fast if they want to stop the repossession risk.

Feel Trapped? You can Stop Repossession

For some, they have to rely on credit cards simply because they’re outgoings are unmanageable. One of the biggest problems is homeowners taking out huge loans or releasing equity. Add to that the increasing number of people losing their jobs or facing pay cuts, the housing situation is causing huge financial and emotional distress across the UK.

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