More than half of the American households with mortgages are paying their bills with credit card payments, according to the Mortgage Bankers Association, the trade group for the nation’s largest lenders.
More than 70% of credit cardholders are paying with cash, according the report released Tuesday by the Consumer Federation of America.
The report said that more than 4.6 million people, or 4.3% of households, have no bank accounts.
The most common way to pay a mortgage is through a credit card, with credit-card fees ranging from 8% to 17% of the monthly bill.
Credit card payments are not required, and consumers can opt out of credit cards if they choose to.
The CBA said that a majority of credit-cards users pay their bills using a credit-collection agency or a bank.
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