Fulfilling their mortgage obligation is not at the top of most homeowners’ lists, according to a study published this week by Auriemma Consulting Group (ACG).

In a break from historical precedent, U.S. consumers rank credit cards as a higher repayment priority than mortgages – that’s the key finding of ACG’s syndicated market research report, Cardbeat.

While consumers in previous years had always named their mortgage as the bill they would pay first, in the company’s most recent survey they put mortgage payments in second place, after credit card bills.

Nancy Stahl, editor of Cardbeat, says ACG believes this change is driven by two market trends. “First, credit has become tighter. Issuers have cut credit lines, and cardholders are aware that missed or late payments can trigger rate increases or account closure,” Stahl said.

Cash-strapped consumers view their credit cards as their “lifeline,” necessary for juggling daily living expenses, Stahl added. At the same time, she said, mortgage foreclosures have become common and many consumers have ‘underwater’ mortgages for more than the current value of their home – both factors that may have an effect on how repayment is prioritized.

“Intense media coverage of the housing crisis and of legislative efforts to assist homeowners who fall behind may be swaying borrowers toward the conclusion that it’s more important to be current on their credit card than on their mortgage,” Stahl said.

In terms of repayment hierarchy, ACG also found that consumers ranked personal loans as a higher priority than home equity loans.

ACG says in its report that the credit crunch has triggered concerns that borrowers will change loan preferences and repayment habits. The results of the company’s latest study support the idea that such a shift may already be taking place.

Auriemma Consulting Group is a management consulting firm serving the payments and lending industries since 1984. The company’s Cardbeat market research report is a regular monthly study of credit card holders in the United States.