Credit Cards Paid Before Mortgage

Posted On: February 19, 2010 at 8:09 a.m.

Filed Under: boston globe cash-strapped personal loan

Yes, this is a crazy story. It appears that cash-strapped consumers are making sure that they pay their credit card debts before they pay their mortgages. What is it about credit card borrowing that makes consumers feel like they have to pay it before their house payment? I wonder if this is also the case with payday loans, cash advances, and other personal loans . The Boston Globe is reporting that “TransUnion tracked the payment patterns of consumers with at least one credit card and one mortgage payment. [[ads]] One particularly startling finding: Of consumers with the lowest credit scores, the percentage having fallen behind on their mortgages but are current on their credit cards has soared from 19 percent in 2007 to 29 percent in the third quarter of 2009. The stats sound plausible given the corner many overleveraged and now unemployed homeowners find themselves in” (http://www.boston.com/realestate/news/blogs/renow/2010/02/credit_card_com.html). Hard to believe, isn’t it?

Comments






*Rapiddollar.com is not a lender, does not broker loans to lenders and does not make cash advances or credit decisions. Rapiddollar.com will submit the information you provide to a lender. This site does not constitute an offer or solicitation to lend and providing your information on rapiddollar.com does not guarantee that you will be approved for a payday loan. Rapiddollar.com is not an agent, representative or broker of any lender and does not endorse or charge you for any service or product. The time it takes to fund your loan may vary between lenders and may depend on your individual financial institution. In some circumstances faxing of documents for verification may be required. Please contact your lender directly for questions or concerns regarding your cash advance. Payday cash advances are meant to provide you with short term financing to solve immediate cash flow concerns and should not be considered a long term solution.

**Typically lenders will not perform credit checks with the three credit reporting bureaus: Experian, Equifax, or Trans Union. Some lender may use alternative providers for credit checks or consumer reports.

Residents of Georgia, Ohio, Virginia and West Virginia are not eligible to apply for a payday loan through rapiddollar.com.