Credit Card Bills Could Put You Into Foreclosure?

According to Atlanta Foreclosure Report, 30,407 homes in metro Atlanta have faced foreclosure from January up to the present time. The statistics were up to 19.4 percent from the 25,460 homes that faced foreclosure in the same 13 counties during the same period of 2003.

Jeff Humphreys, director of economic forecasting at University of Georgia said, "It's not mortgage debt that causes people to go into foreclosure. It's the high level of revolving credit debt -- credit cards. People are getting into trouble with revolving credit and that's affecting their ability to make their mortgage".

Tactful use of credit card could be a powerful strategy in buying foreclosed homes. But a misuse and uncontrollable handling of credit card could also put you on the other side of the fence -- the troubled person facing foreclosure.
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Written by Resty Malia
Buying a Home Foreclosures