Not so, says Mike Pero, of the eponymous Mike Pero Mortgages, who has just launched his company’s own charge card in association with Diners Club.
Pero says that in his 13 years in the finance industry, he has seen "too many people get into trouble with credit cards and increasing balances, preventing them from getting home loans."
While plastic is ubiquitous, very much a part of everyday life, that doesn’t have to mean getting into debt, and the Diners option means there’s no interest to pay, Pero says.
"Knowing you have to repay the full balance each month, as is the case with the Mike Pero Diners Card, imposes a financial discipline."
While Diners has traditionally been a facility used by business people, Pero sees it as an option for anyone.
The charge card is the latest innovation in the mortgage broking industry for the firm which recently branched out into also providing insurance services.
But Pero denies these are moves towards a broader-based financial services group. "We’re not changing our direction at all. We’re just protecting people," he says.
The insurance option "is, quite simply, primarily protection against loans. Mortgage repayment insurance is really just the same as term life." But those who need insurance for other reasons can also buy it through his firm.
