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Late Credit Card Payment affects Home Loan
By Petra Amelia on September 28th, 2007
(1 votes, average: 5 out of 5)
Loading ...The American Bankers Association, in its quarterly survey of consumer loans, reported yesterday that late payments on credit card bills dropped to 4.39 percent in the April-to-June quarter. That was down from 4.41 percent in the first quarter and was the lowest reading since the final quarter of 2005. People “may feel helpless when faced with a mortgage reset they can’t afford but they still want to keep up with other payments,” Mr. Chessen said, explaining why late payments are down for credit cards but are up for mortgages. The Federal Reserve’s decision to slice a key interest rate for the first time in four years should provide borrowers with some relief.
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