LOANS NEWS AND GUIDES

In the past couple of years, more Americans in a financial bind due to lack of income have made the choice to prioritize credit card payments over mortgage payments. With the close of 2009 statistics indicated that twice as many debtors were late with when it came to paying their mortgage while paying credit card payments instead of paying their mortgages off first and then credit card bills. Some of this new trend could be chalked off to the credit crunch and lower balances on cards in general, but it is even more likely for people that are watching the real estate market erode to lose faith in the value in their homes and simply give up. For a number of homeowners, walking away from their houses with mortgages that they just cannot afford seems like the only decision to make. A common reason that many homeowners give for walking out on mortgage payments is that the only punishment is a bad credit score, which seems inevitable in this economy anyway, which leaves them little incentive to keep paying money while not building equity

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More Americans Forced Into Making The Decision Between Bare Necessities And Shelter