Can't Make House Payment - How About Your Credit Card?
Many homeowners are feeling the double pinch of being unable to make their monthly payment obligations. Many people refinanced their homes and used the appreciated equity to pay off high credit card balances. Unfortunately after the cards were paid off, many people charged up large balances again. What happened next? Refinance the house again and pay off the cards. Now, with the market in the toilet, their homes and their cards are maxed out and they are unable to make either payment.
See this report from the Associated Press about the sharp increase in unpaid credit card bills.
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