Do you have a mortgage loan that you can no longer make the minimum payments on? Well, you’re not alone. Have you decided to stop paying your credit cards so that you can make more payments to your mortgage? Well, unfortunately again you are not alone… credit card defaults are up.

The credit rating agency Moody’s told the paper the problem could be due to the property market slowdown and fewer homeowners opting not to refinance their residences.

“The combination of higher interest rates and a softer real estate market diminished the attractiveness of mortgage refinancings in which many borrowers reduced their more expensive credit card debt by drawing on the equity in their home,” Moody’s told the paper.