March 2, 2008

Chicago Tribune

A Jump in Foreclosure-fighting Resources

Corporate employee-assistance programs are getting more calls for help with mortgage-related troubles, says John Jones, a financial specialist with Chicago-based ComPsych, a firm that runs EAPs. Jones reports that counselors find “people are more worried about defaulting on their credit cards than on their mortgages. They think that if they miss a credit card payment, all their cards will get hit with a much higher, punitive rate.”

But, as Jones points out, the mortgage should be the priority. “You need two things – a place to live and enough to eat. The negative consequences of missing a credit card payment aren’t as bad as having a foreclosure started,” he says.