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More Borrowers Using Credit Cards to Make Mortgage Payments

October 29, 2007
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.

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William Bronchick, ESQ.

Nationally-Known Attorney, Author, and Speaker

Attorney William ("Bill") Bronchick, the host of Legalwiz.com, has authored six best-selling books and is sought nationwide for his 30+ years of real estate and legal knowledge. He has been interviewed by numerous media outlets, such as CNBC, TIME Magazine, USA Today, Investor Business Daily, Forbes, and the LA Times, to name a few. William Bronchick is the co-founder and past President of the Colorado Association of Real Estate Investors and the President of the Colorado Landlords Association. Click on the "About" link above for more information on William Bronchick.

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