I would never suggest to anyone that they should use credit cards to buy a bmv property even if it was the deal of the century. But I did read a news piece on BBC News today that took me back a few years.

Back in the day when house prices were soaring and you were assured to make a killing if you bought in the right location, especially in London. I remember several of my friends buying their first property using credit cards. I thought they were mad at the time. But they assured me that it was a sound strategy, which was sure not to backfire.

At this time I also recount several people doing the same when they purchased bmv properties as well. Some of these deals only required a few thousand down so they chose to stick it on the credit card.

On reflection this really epitomises the kind of reckless credit use that got us into the mess we are currently experiencing. Back then the ever increasing prices spiralling out of control fuelled greed and arrogance, of course this persisted and led to many bankers trading in mortgages that could never be paid off.

As a bmv property investor I value money, which is why I choose to invest at all. But at the same time you need to be able to think with a realistic and clear head.

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