Today’s Chicago Tribune points to a new web site, cardit.com, which allows consumers to pay their mortgage payment with a credit card. Cardit is set up with 100 lenders including the nations largest loan servicers. It charges a fee of $19.95 plus 2.49% of the mortgage payment every time someone uses the service.

Paying your 7% mortgage with an 18% credit card doesn’t seem like the best way to get ahead. In fact, if the only way to make your mortgage payment is by adding it on to your credit card, you are probably already in a world of trouble. Delaying a problem isn’t the same as solving it. When the time comes that you need to pay your credit card and you don’t have the cash for that, the local loan shark is not a good option either.

My take here at Illinois Mortgage Rates and News is that the timing for this service couldn’t be worse. At a time when property values are soft and foreclosures are spiking this is like throwing more gas on the fire.

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