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Increasingly, some consumers focus on credit cards over mortgage, which may prompt some to consider debt consolidation
By Peggy Stillwell on Feb 3rd, 2010
A recent study from TransUnion shows a continuing trend among some borrowers who are more likely to be current on their credit card debt than their mortgages.
The organization noted that the first instance of the percentage of consumers current on cards but delinquent on mortgages outpacing the percentage who were current on mortgages but delinquent on cards occurred during the first quarter of 2008. Though some experts felt as though that would change once the worst part of the recession passed, new numbers reveal that isn't so.
Of respondents, the percentage of those who were current on their card debt yet delinquent on their home loans increased from 4.3 to 6.6 percent in the third quarter of 2009. Those polled who were in the converse situation declined from 4.1 to 3.6 percent.
Ezra Becker, director of consulting and strategy for TransUnion's financial services business unit, said that problems in the mortgage sector and the job market have contributed to this change in trend.
"The insight gained through this analysis reveals a lot about changing consumer preferences," Becker said.
Faced with underwater mortgages, many consumers may be focusing on their credit card debt. However, some people may not even be able to do that, which may prompt them to consider debt consolidation. Doing so could lead to lower interest rates on credit card debt.
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