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Are Families Paying Their Mortgages Over Their Credit Cards Again?

Yes.  As housing recovers, a growing number of borrowers paying their mortgages again. This reverses a trend first seen in September 2008, in which borrowers chose to value their credit card relationships above their mortgages.

According to a TransUnion study, consumers are making their mortgage payments a greater priority than auto loans and credit card debt.  Last September, the delinquency rate for mortgages was 1.79%, while the credit card delinquency rate came in at 1.86%.

For more read: http://money.cnn.com/2014/03/19/real_estate/mortgage-payments/index.html?section=money_pf

If you are facing the dilemma of paying your mortgage or your credit cards, please consider scheduling a consultation with an experienced debt settlement attorney.

 

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Kevin Fallon McCarthy is the McCarthy Law PLC’s managing attorney and an experienced Phoenix debt attorney. Mr. McCarthy has also worked as general counsel for a large corporation. He has corporate counsel experience in human resource matters, general corporate governance, and union class action litigation.