Thursday, December 11, 2008

For some, mortgage payments are a lower priority

According to Becky Hurley's report in the Colorado Springs Business Journal (Oct 31, 2008):

Faced with falling behind on home loans, credit card payments or car loans, borrowers are more likely to let their mortgages slide than the other kinds of debt, according to a study conducted by Equifax, a consumer credit rating agency...

[According to a recent study, m]ortgage payments, Equifax found, continued to slide down the list of priorities...

Of those in the 2005 sample who fell behind on their mortgages, 38 percent were current on credit-card payments and 62 percent made all their car payments.