Paying Your Credit Cards Before Your Mortgage
It’s scary but true and it makes sense. The bailouts are in the housing industry and just like the article states if you have a cash shortfall you want to be able to have access to your credit cards for your everyday essentials. It used to be that a homeowner would do whatever they could to pay their mortgage and save their home, not anymore.
The data reflects a “fundamental paradigm shift” in the way consumers prioritize payment of debt obligations, says Ezra Becker, of TransUnion. “This is dramatically different,” he says. “It is a clear manifestation of the dynamics that lead up to the recession and the recession itself.”