When faced with financial hardship, do you keep the credit or pay the mortgage. According to Michael McAuliffe on MSNBC, paying off credit card bills before paying your mortgage is becoming a growing trend. Consumers are using their credit cards to buy food, clothing, and pay their utilities, while at the same time their home is getting closer to foreclosure. These consumers feel they are going to lose their houses anyway, but is that the smart thing to do? After all, losing your home to foreclosure will have a greater negative affect on your credit. Watch the video and see what a recent survey by Capital One found.
