Americans Refocus on Paying Mortgage First

March 20, 2014
Associated Press 
mortgage lending news
A new study from credit reporting agency TransUnion finds that more homeowners are focusing on paying their mortgages before credit cards.

Rising residential values have enabled some borrowers to shift focus as they build equity in their homes and allowed others to return to positive equity after years of owing more than the property value. Homeowners also are benefiting from the improving job market and greater access to credit cards.

"We are returning to the traditional trend as the forces in the marketplace that influence consumer payment preferences return to normal," explained TransUnion's Ezra Becker, who co-authored the study. Mortgages historically had a lower late-payment rate than credit cards before the financial crisis. By September 2008, however, 3.32 percent of mortgages were 30 days overdue -- slightly higher than the credit card delinquency rate of 3.29 percent.

Abstract News © Copyright 2008-2013 INFORMATION, INC.
Powered by Information, Inc.

Stay Updated

Join the fight against predatory lending. Enter your e-mail to sign up for breaking news, action alerts, and CRL's original research.

   Please leave this field empty

Help Us End Predatory Lending

Predatory lending destroys family wealth, and preys on our most vulnerable communities. You can help us end abusive lending practices by donating to CRL, or by sharing our work with others.