A significant number of Americans are now facing the difficult question: Should I pay my credit cards or my mortgage payments? The answer to this questions increasingly has become to pay the credit card debt. Many Americans have stopped paying their mortgage payments because they owe so much more on their homes then their homes are worth. People are simply letting their homes go because they know it will be years before the values of their homes will recover.

Financial advisers caution that the mortgage is still the most important debt to pay on time. A survey by the National foundation of Credit Counselors showed that 91 percent of consumers said they would pay their mortgage before their credit card bill.

This decision has become increasingly more challenging. I urge you to schedule an appointment with your financial advisor or a qualified bankruptcy lawyer so that you are in the best position to make a decision that works for you and your family.