Half of Americans in Fear Over Mortgage

Thursday, June 12, 2008 1:32 PM

WASHINGTON (Reuters) - Almost half of U.S. mortgage borrowers worry about being able to make the payments and keep their homes, said a survey released on Thursday.

The American Bar Association, a lawyers group, said its poll also found that 73 percent of those surveyed said they had changed their purchasing habits because of the economy.

Changes included buying less, paying for more purchases in full, using credit cards less, and trying to pay down credit card balances, the survey said.

"Worry about financial issues such as foreclosures or high credit card balances means people are vulnerable to making poor decisions," said ABA President William Neukom in a statement.

About 61 percent of survey participants who said they were worried about their finances also said they had taken steps such as refinancing their homes, consolidating their debts and seeking credit counseling. The remaining 39 percent of those who said they were worried had taken no action, the ABA said.

The survey of more than 2,000 Americans was conducted for the ABA in mid-April by Harris Interactive, a polling group.

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