More and more borrowers are using their credit cards to make their mortgage payments, according to a new report:
http://news.yahoo.com/s/nm/20071028/us_nm/usa_creditcards_debt_dc
In a way, this is a good thing because it brings down mortgage defaults. But, it’s borrowing at a higher rate (credit cards) to pay a lower rate (mortgage). Borrowers would be better off calling up and negotiating a forbearance with their lenders, which most are either afraid or don’t know how to do.
