CHANTILLY, Va.–Despite all the news surrounding the skyrocketing number of foreclosures, Americans still rank paying their mortgage as their chief priority every month, according to a new survey of bill payment patterns released by Online Resources Corp. (ORCC).
The study, based on 1,000 U.S. households, confirmed what many credit unions already know, that Americans are saving less and tapping what savings they have to pay bills and living expenses.“Under growing constraints, consumers must continue to prioritize among their bills by creating a ‘delinquency budget,’ ORCC said in its analysis.
The survey found: Though the number of households with delinquent mortgage payments are up 67% over last year, this bill remains at the top of the stack; of all major bills, insurance premiums have the lowest delinquency rate at 2%; in just one year, households with overdue loan payments have increased 58%; delinquent utility payments are up 18% since last year; emergency medical care bills are most delinquent with 34% of respondents late; more Americans say they can do without phone service, and 26% of households put this bill on the bottom of the stack; and one-in-three of the households that are late paying their credit card bill continue to use their card, thereby increasing their outstanding balance.
