When you fall on hard times, you have to make some difficult decisions.
If you can't pay all your bills, which ones do you skip and which ones do you pay? You have to choose carefully to avoid making things worse than they are. For example, if you need your car to continue earning income, your car payment becomes one of your most important payments.
A study released by TransUnion shows that consumers are going against conventional wisdom and paying credit card bills while letting mortgages fall behind. This means they're more likely to be forced out of their homes, and their credit cards will soon become worthless -- credit card issuers will find out that they've defaulted on the mortgage and slash credit limits or close accounts.
If you can't make your payments, visit a credit counselor to find out how to proceed. Get information on how to prioritize debt payments and learn what's at risk.
[via PaymentsNews.com]