TransUnion, the third-largest American consumer credit reporting agency, has recently released a report showing more and more consumers are paying their credit card bills instead of their mortgages. The study revealed that Americans who are current on their credit cards but delinquent on their mortgage increased from 4.3 percent in the first quarter of 2008 to 6.6 percent in the third quarter of 2009.
“This goes against conventional wisdom and that has always been that, when faced with a financial crisis, consumers will pay their secured obligations first, specifically their mortgages,” said Sean Reardon, author of the study and a consultant in the analytics and decisioning services business unit of TransUnion.
Posted by Sharon
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