American consumers are currently struggling to balance bills, credit card payments and other financial responsibilities, as demonstrated by total credit card balances reaching a new height of over $1 trillion in 2023, according to the U.S. Government Accountability Office. While mortgage payments aren't as subject to elective delays and delinquency as credit card bills, as consumers are motivated to make payments to maintain stable housing, recent reports show the financial challenges consumers are facing are driving increased mortgage delinquency rates, according to the Mortgage Bankers Association, making it more difficult for lenders to ensure successful collections.