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U.S. credit cardholders are defaulting payments on their credit cards at a sharply higher rate this year, and the cause may be related to the recent subprime mortgage market crisis.
Cardholders aren't just defaulting, either. Late payments are also on the rise and credit card companies have written off 30% more payments during the first half of this year versus one year ago.
How can the mortgage crisis contribute to credit card late payments and defaults? With higher interest rates and a softer real estate market, mortgage refinancing is less appealing. Since the market slowdown, many homeowners are choosing not to refinance and subsequently lack the available cash to make payments or to pay off credit card balances.
But when it comes down to choosing between defaulting on a mortgage or giving up the credit cards, some people may actually be letting go of their homes while keeping their credit cards if their subprime mortgage loan has little or no equity.
Some bad credit people who otherwise would have rebuked a payday loan may actually now consider such in order to make a timely credit card payment. Yet; unlike mortgage loans, it's not wise to shop around for a payday loan lender. The reason is because the only real difference between payday loan lenders is the fee charged and; unlike obtaining mortgage quotes, multiple payday loan applications may result in a red flag that denies you the loan because the lenders think you've been rejected multiple times.
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Credit Advice: Keep in mind that; due to government regulations, there are fewer credit card offers, particularly for bad credit people. If you have credit problems and already have a credit card, you may want to hang-on to it even if the issuer raises rates or lowers limits.
