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More people paying rent on credit cards

by Jamie Henry | Mortgage Broker News | April 10, 2015

It may cause concern about the already-high levels of personal debt in Canada but a Vancouver company reports that it’s signed up more than 5000 people to its service that allows rent to be paid by credit card.

RentMoola also allows debit cards to be used for free but credit card users pay a fee of 2.75 per cent of the transaction value; 40 per cent of its customers choose credit card payments.

Millennials make up the largest proportion of the company’s users.