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February 4th, 2010
05:34 PM ET

Any Money Questions? Just Ask

A new report released this week by credit bureau agency, TransUnion, shows a higher number of people are choosing to pay their credit card bills rather than their mortgage.

The most recent data from the third quarter of 2009 reveals 6.6% of consumers were delinquent on their mortgages, but current on their credit cards. That's compared to 3.6% of consumers who were behind on their credit cards, but current on their mortgages.

So if you were faced with the same dilemma, what would you do?

We also want to know if you're concerned about the Dow dipping this week.

Any money questions you have, please send them our way.

John Simons with Black Enterprise magazine will join us this Saturday in the 2pm ET hour to answer your questions.


Filed under: Fredricka Whitfield
soundoff (5 Responses)
  1. Robert Rowen

    How can the Republican or conservative element within our society be so easily manipulated by the "special interest" regarding health care? While I can agree that there are elements of "universal" coverage that concern me, denying equal access to quality health care based on these elements is unthinkable. If the choice is health care for all, or no health care for all, based on concerns about giving "lazy" or "free-loader" types a free ride, I choose health care for all. If we, as a society, strive to view ourselves as a "civil/free" society, a society that holds "faith" and "christian values" as part of our core beliefs, how can we then profess that providing health care to all, is a bad thing. Maybe the real truth behind this debate is the simple truth that "Americans are more concerned about themselves than about one another". We may live as individuals, but our success or failure will ultimately be decided as "one" people. As a society, "we are only as strong as our weakest citizens".

    February 4, 2010 at 7:23 pm |
  2. A. Smith, Oregon

    Taken ALL military spending lumped together, what percentage of the total Gross National Income is that?

    During the next 10 years, American taxpayers are going to be called upon to replace nearly all of the extremely expensive Military hardware that was used and abused in both foreign Oil Wars of late, namely Iraq and in Afghanistan.

    Add another 300-500 Billion dollars for the new F-35 Joint Strike Fighter Jet and that is going to really eat up a lot of the total American Gross National Income.

    Where America spends its majority of money, America will follow. If that is to produce machine guns and weapons of war, or to have universal health coverage and grants for teenagers to go to college.

    February 5, 2010 at 5:30 am |
  3. Dannie

    People, who are underwater because of the banks running up the value of their property by causing the housing bubble, should stay in their home until they are evicted, since the IRS will let you write that off. I believe you should check out the IRS website about that law at irs.gov. Recource states will come after the deficiency though. But one principle in financie is you don't throw good money after bad debt {underwater mortgags}. Unless your going to live in that dream house until you die, it is better to be evicted by not paying rent, since the normal borrower buys two houses for the bank while they pay off their one by the interest they pay back. Underwater owners pay the bank even more.

    IMHO, I would pay your credit cards on time and keep your balances 40% below your available credit line on each card to keep a good rate. Over time your credit can be repaired long before your home will ever regain its value we seen in the past five years.

    February 5, 2010 at 11:50 am |
  4. Dannie

    Better get ready for hyperinflation as long as the Federal Reserve is in charge of our economy. Why doesn'r CNN Money ever delve into this major problem. If the FED tries to take out the money they spent to cover the banksters then the economy will collapse!

    February 5, 2010 at 11:59 am |
  5. Bryan G.

    People have wiped out credit because of loosing their homes. Is there going to be a forgiveness mandate given to the credit monitoring agencies so former small business owners wiped out by the economy crash?
    I lost everything! My house my business my credit with no chance to rebuild. I wasn’t a person that was spending at the time beyond my means. I am a disabled Vet and was a local remodeling contractor.
    I was wiped out by:
    Hurrican Katrina: Prices for materials almost doubled here in AZ. This cause a slow down in building. NEXT
    Gas prices slammed me again on top of Katrina. THEN
    my House Morgage went upside down. I tried for a busness loan and was told my credit was not good enough. I said what! then how come I could by a brand new home. Then the SBA said even if my credit was good enough they would not loan me money for the equipment I needed to make my business prosper because they do not loan for vehicles or the special equipment I needed to mount in the vehicles. So, I lost all but one of my 7 employes and had to try to do the work myself and because of my phyisical problems I fell form a ladder and broke my pelvic bone. BY BY BUSINESS

    February 6, 2010 at 1:50 pm |