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by CareyBot

A study by the credit bureau Experian reveals borrowers with credit scores of 620 or lower are more likely to be behind on their mortgage payments than their credit card bills -- a departure from historic norms. Borrowers with prime credit scores above 680 are still paying off their mortgages before their credit cards, the study found. Experian says the mortgage delinquency rate for subprime consumers has grown at 13.2 percent over the past four years, while the rate of credit card delinquencies has declined. The percentage of subprime borrowers who are late 30 days or more on their mortgage payments has risen from around .3 percent in the first quarter of 2003 to more than .35 percent in the fourth quarter of 2006, Experian found. During the same period, the percentage of subpr...