More than one million homeowners have resorted to taking out cash on their credit cards to pay their mortgage and essential bills, research suggests today.
A report accuses the banks of 'cashing in' on their customers who are 'desperate to get their hands on cash whatever the price'.
Withdrawing cash on a credit card is incredibly expensive, and involves a much higher interest rate than using a credit card to go shopping.
Typically, you are charged two per cent of the cash amount taken out, or a minimum of £5, and interest starts clocking up immediately.
On average, the APR (annual percentage rate) is a crippling 30 per cent. It has shot up in recent years from just 21.2 per cent in 2005.
The report, from the price comparison website Uswitch.com, found soaring numbers of borrowers are relying on getting out cash in this 'emergency' method.
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The Illuminati Bankers must be rubbing their hands with glee !
Debt upon Debt upon Debt !!!!!
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