Are Mortgage Payments Still a Priority?0
While are mailboxes are inboxes are filled each day with account statements, bill reminders, and the actual bills to pay, we often give more attention to certain payment obligations than others. According to a recent TransUnion study, consumers are more likely to pay their auto loans before paying their credit cards and mortgages. Credit card, mortgage, and medical collections training companies all pay close attention to these trends to figure out how to maximize their business operations.
It is common to worry about our payments and even have them run our lives. However, which financial obligations that are most pressing can changes over the years, according to this new TransUnion study. The results show that this trend has continued for four consecutive years. Specifically what they found was that almost 40% of consumers were delinquent on a mortgage but continued to pay auto loans and credit cards.
While a house payment may seem more pertinent than car and credits card, there may be good reasons behind this trend. Firstly, unemployment in the United States has been stagnant or worsening and real estate values continue to decline. Such trends could have people worry less about mortgages since their property continues to depreciate. If the housing marketing begins to pick up again, TransUnion and accounts receivable training experts believe that payment trends will as a result begin to prioritize mortgage payments.
This Transunion study examined a sample of approximately 4 million consumers in each quarter of 2011 that held one open auto loan, one open bankcard, and one open mortgage. There was a significant preference to remain in good standings with auto loans, ahead of credit cards, and mortgages. There was also a preference to remain current on credit cards over mortgages. Medical bill collections, were not taken into account in this study, but the results implied that consumers are thinking more short them than long-term in their payment preferences.