Saturday, March 06, 2010

To heck with the house, I need that credit card

Marketwatch reports:
U.S. consumers are starting to look like a frugal, debt-fearing lot as they pay down billions of dollars in credit-card obligations. But an alarming trend is emerging: A small but growing number of people are skipping mortgage payments in favor of paying their credit-card bills.

In an unprecedented shift, for some consumers having a credit card in good standing appears to have taken priority over having a roof over one's head, experts said.