What’s More Important, the Credit Card or the Mortgage Payment?

There once was a time in the not too distant past when a homeowner’s mortgage would be paid even if every other payment was made late or not at all. A current mortgage, after all, meant that there would always be a place to live.

Things have changed, and changed in a big way. Transunion reports that back in the first quarter of 2008, 4.3% of consumers held the dubious distinction of being current on the credit cards while being delinquent on their mortgages. [1]

That rate has jumped over 68% as of the last quarter of 2010, at which time 7.24% of consumers were current on their credit card bills but delinquent on their mortgages.

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