When everything is going great it’s easy to decide what things come first and what things come last. You know you’ll eventually get to everything so why stress so much? But when the going gets tough and you’re not so sure there’ll be anything left at the end of the day, how do you make a plan?
For example, during the peak of the high risk housing crisis most homeowners prioritized their mortgage payments over everything else, including credit cards. The looming threat of foreclosure was a big motivation in making sure people kept their homes. This of course led to more debt being racked up in other places but that’s how it goes sometimes.
Pre-crisis we saw credit cards taking a front row seat when it came to bill-paying time. And now that we’re officially in recovery after 6 long years homeowners are again making the “responsible” decision and putting paying down credit card debt a priority. These trends can be clearly seen in the visual graphs that www.marketreview.com/credit-cards/ have put forward. Pay close attention to the future as these things tend to repeat themselves.
This is one of the most interesting measures of recovery. It’s not a hard number like unemployment or foreclosure rates. But it definitely hits closer to home. So keep setting your priorities and remember the big picture.