Monday, April 16, 2012

Paying home mortgage no longer Americans' top priority

A leading credit information company says the lingering effects of the recession have turned the country's bill-paying habits upside down.

A TransUnion study finds car payments have become the priority when it comes to paying bills in America.

It used to be that cash-strapped Americans would always pay their home loans first, then their credit card and car loans.

"Nowadays, consumers seem to be opting to pay the auto loan first, and then the credit card. And only last do they pay the mortgage," says Ezra Becker, TransUnion's vice president of research and consulting.

He says folks need that car to get to work or look for work. So, the mortgage and credit card payments are dependent on the vehicle.

Read the rest of the article at WWL AM 870

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