According to a study commissioned by TransUnion, consumers are more likely to pay their credit card bill before the thing that allowed them to consider moving in the first place - their mortgage.
"The latest data from our study show that the new payment hierarchy has persisted for longer than many industry experts believed," said Sean Reardon, author of the study and a consultant for TransUnion. "[It] provides evidence that consumers continue to adjust their payment behavior in response to their economic and personal financial environment."
Delinquency rates, as a result, are on the rise, as the study found the number of people who owe money on their mortgages rose to 7.4 percent in the third quarter of 2010 compared to the same time period in 2008.
This finding lends credence to the results of a Campbell/Inside Mortgage last week, which found that despite fewer homes going into foreclosure last month, it's not necessarily reflective of a housing market that's in recovery.
More News