Homeowners opting pay credit cards over their mortgages

Full story: TwinCities.com 9
U.S. consumers are starting to look like a frugal, debt-fearing lot as they pay down billions of dollars in credit-card obligations. Full Story
impeachobamanow

Erwin, NC

#1 Mar 9, 2010
Shows how ignorant the public is...those credit card companies will yank your credit cards faster than a bullet when they see you are late on your house payment a few times...they check all your credit activity all the time. Banks are not loyal by any means...don't think because you pay your cards and not your mortgage, those card companies will love you and keep you! Don't pay unsecured credit and let secured credit go bad!
Credit cards are not the safety cushion people think they are!
Cash is your only safety cushion!
Credit card companies love to hate you...they are fee based banks wanting you to go over your limit and pay late fees and big interest!
Matt Hasselblad

Minneapolis, MN

#2 Mar 9, 2010
Blame the BAPCA reforms of 2005. The burden has been pushed from unsecured creditors to secured creditors (because of the bankruptcy 'reforms'). What it tells me is that there is another wave of foreclosures and BR filings on the horizon.
FICO knows this. It's a chuckle that they want to play it off on the recession. That's part of it, but not the cause per se.
Obamanomics

Minneapolis, MN

#3 Mar 9, 2010
Americans Walking Away From Mortgages

http://www.marketoracle.co.uk/Article16406.ht...

It seems now almost acceptable that Americans can walk away from their mortgages. Why not? So many are upside down, owing more money on a house than the house is actually worth.

Many Americans are just walking away and renting virtually the same homes for half or a third of their previous mortgage payment.

What does this mean for the banking industry? How healthy can these banks really be with non performing loans both on the residential side and commercial side? How real is this stock market rally? My proverbial question… what has really been solved? Has everything been delayed for a further down turn? Trend followers and commodity traders that have much experience do not try to predict the future.. but it seems very evident.

There are bearish signs percolating in the stock market such as the CBOE put call ratio looks toppy…there was a huge uptick reading over 1500+ which is usually sign of a top as well as there are less and less bears… except Jim Chanos and calling China a bubble ready to burst ( 1,000 times greater than Dubai). Jim Chanos has not been wrong all the much… He has become a billionaire by calling tops in the housing market, Enron and many others.

The NY times reported on this the other day. They stated the housing collapse has left 10.7 million families owing more than their homes are worth. So some of them are making a calculated decision to hang onto their money and let their homes go. Can you imagine how much money the banks can be losing on this…

[snip]

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Just declare Housing to be a "Right" and put a 40% tax on "Cadillac mortgages".

-problem solved!!
your casino

San Francisco, CA

#4 Mar 9, 2010
Walk away if you are underwater. ITs a business decision. Don't continue to feed the banks your money if you don't see a clear path to catching up. You'll save yourself a lot of money.
Freedom Lover

Minneapolis, MN

#5 Mar 9, 2010
This sounds reasonable. For years bankers, with the assistance of politicians manipulated housing values to screw the consumer. If it makes more sence to mail in the keys than the payment, I'd add a few more pannies to the envelop and mail all the keys. That's the only way we'll ever take this country back from ther bankers.
Porkulus

Minneapolis, MN

#6 Mar 11, 2010
SNL - C-Span Bailout Spoof

&NR =1

Since: Feb 10

Wake Forest, NC

#7 Mar 15, 2010
It's always better to pay your mortgage payment first for the month rather than credit card bills. I don't care how edgy you are about your debt. The credit cards can not take your assets, but if you do not pay your mortgage, they surely will take your house. Take care of the basics first, then worry about the cc debt.

Since: Aug 11

Location hidden

#8 Dec 2, 2011
Actually, you need to pay all your debts. I think it is better that you prioritize both your housing mortgage and credit card debt, since you need both.
Rosette

London, UK

#9 Mar 26, 2014
This is the first time I had ever applied for a loan. I couldn't have asked for anything more from the staff that answered any of my questions to the application process. Once this had all been completed the money was transferred quickly into my account. I will definitely be recommending 911PDAY .COM ( http://goo.gl/44kQUQ ) too my friends and family.

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