Paying Car Loans Comes First With Many Consumers
I don’t get the logic here. The man says, I’ll make my car payment, but be late on my mortgage. If this keeps up, he’ll eventually loose his house. So what does he do, sleep at a relatives house? That gets old fast. Sleep in his car, or at his place of employment. The man says “Gee, I wish someone would come along and help me out.” I say, “Hey, what if he doesn’t show up?” I don’t understand some people’s reasoning.
What’s more important: your car or your house?
Consumers are placing more importance on paying on their auto loan before paying on their mortgage, according to a new study.
Many consumers say they’d rather be able to hit the road. According to a study released by credit and information management company TransUnion, consumers were more likely to pay their auto loans before their credit cards and mortgages last year.
An analysis of about 4 million consumers who had at least one open auto loan, bank card and mortgage in 2011 found that about 39% of consumers were delinquent on their mortgage while current on their auto loan and credit card payments.