Right now, with all the news about the economy, many people are concerned about their household budgets and their finances. And with the large debt load in this country, it is no surprise. After all, most people carry quite a bit of consumer debt, and many people have been taking out home equity loans.

Now that the good times are over, all the debt is starting to look overwhelming. Not to mention adding in the stress of inflation and possibly losing a job. So the question for many becomes this: Which bill should I pay when it comes right down to it?

Paying the mortgage first

Obviously, it is better if you can meet all of your obligations. But if a choice has to be made, it is important to make sure that you pay your mortgage first. Unsecured debts — like credit cards — may seem more urgent, but you won’t lose your house because you haven’t paid your credit card.

Prioritize your spending and your bills, and work out a plan to make all your obligations. But until you get to that point, make sure that you pay the mortgage first.

For some helpful advice on getting through the economic crisis, I suggest this list from Free Money Finance.