Matthew T. Berry Bankruptcy Law Blog on Lawyers.com

Should You Pay Your Credit Card or Mortgage First

Tuesday, January 24, 2012 by Matthew T. Berry

Photo of Matthew T. Berry


In a recent article in the Atlanta Journal-Constitution, it
was reported that the number of consumers who are current on credit card
payments but delinquent on mortgages has risen dramatically in the last two
years. Many consumers are choosing to pay credit cards bills instead of their
mortgage payment, which shows a change in consumer thinking. Historically,
consumers were more likely to be delinquent on their credit card payments, but
current on their house payment.  



Experts are not surprised by the shift in consumer attitude.
Many people facing foreclosure feel that they are eventually going to lose
their home, or are unwilling to continue to put money toward a depreciating
asset.  They see little long-term benefit
to making mortgage payments.



On the other hand, many families feel that having credit
cards remain on is very important to pay for everyday living expenses, such as
groceries, clothes, and gas.  Consumers
are making tough choices based on which asset gives them what they need in
today‘s tough economic climate.



During our more than 20 years of helping Georgia residents get
back in control and protect their property, we’ve learned that every situation
is different.  It’s only after reviewing
your specific situation with an experienced attorney, can you decide what
course of action is best for you.  At
Berry & Associates, our experienced Georgia bankruptcy attorneys offer a
free confidential consultation to discuss your specific financial situation.  Call our office today at (877) 715-0306.   

 
Posted at 09:18 AM
Topic: Bankruptcy
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