One-third of low- and middle-income consumers are using their credit cards to pay basic living expenses -- including their monthly mortgage, according to a new study released Oct. 12.However, the study -- sponsored by the Washington-based Center for Responsible Lending and New York-based Demos -- offered no hard dollar figures on the practice. CRL and Demos found that even though consumers are using home equity loans to pay down their credit cards, many households are still carrying huge card balances, increasing their overall debt levels. Researchers said 20% of consumers "who had paid off some credit card debt with a mortgage refinance in the last three years had added $12,000 to their mortgage debt, and at the time of the survey still had average credit card debt of $14,000." (See the Oct. 11 issue of National Mortgage News for full details.)
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A federal judge in Texas dismissed the Consumer Financial Protection Bureau's medical debt rule and prohibited states from passing their own laws prohibiting medical debt on credit reports.
6h ago -
Dr. Mark Calabria takes on the additional role of chief statistician of the United States; retired Ally Bank executive Diane Morais has joined First Citizens Bancshares' board of directors; MainStreet Bank has promoted Alex Vari to chief financial officer; and more in this week's banking news roundup.
9h ago -
While refinances are behind the latest increases, the pace of purchase activity may be a stronger indicator of where the housing market sits.
11h ago -
The share of economists expecting a September rate reduction grew in the July Wolters Kluwer survey, but the October or later percentage also increased.
11h ago -
Rising home prices and softening sales offer a mixed view of a market that some say is shifting to favor buyers.
July 11 -
The notes are backed by home improvement installment loans originated by approved dealers in Foundation Finance Company's network.
July 11