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A letter to the editor in the Wall Street Journal - Essay Example

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Summary
Angle: Due to the previous loss in home values consumers have been making credit card payments ahead of Mortgages which is an unusual event in the United States. But due to a constant rise in home values, the normal methods of payments are returning.
Context: The payment of…
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A letter to the editor in the Wall Street Journal
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A letter to the editor in the Wall Street Journal

Download file to see previous pages... ts ahead of credit cards, I would like to bring to your attention my support and satisfaction towards the article and the author because I felt that it highlighted the reasons for that payment trend and was straight to the point. The payment of Mortgages before the credit card has been the normal way and has been in effect for a very long period of time, this is exactly what lenders expect from consumers.
New information from TransUnion, which is a firm that deals with reporting credit related information, supports this stand that normal payment methods were back to effect at the end of the year 2013 due to a rise experienced in home values. The main findings from the research carried out shows strong links between the value of homes and payment behaviors.
Further supporting this case is the findings that were published from all the fifty states in the United States which clearly point out that a decline in home values together with high unemployment rates saw borrowers skip mortgage payments but still make payments on their credit cards. There is an example of Nevada, between the years 2006-2009, where the value of houses went down by 57%. Borrowers were seen to skip making mortgage payments while staying true to credit card payments. It’s clear that people would be more willing to default on mortgage payments because foreclosure is not really an immediate problem. it involves a long process which takes months if not years. Credit card payments on the other hand would be hard to miss, by doing so the reaction would be immediate. Banks should therefore continue to ease standards on mortgages to the payments of mortgages ahead of credit ...Download file to see next pagesRead More
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