A recent survey found that homeowners and renters feel differently about how to manage their credit.

Eighty-one percent of homeowners believe that they manage their credit extremely well. Sixty-five percent of renters agree. A new study, released by the Mortgage Bankers Association, looked to 1,2000 people for their consumer credit habits.

When it comes to having more debt than they should, 54% of renters feel that way, while only 39% of homeowners express that they ought to cut back on debt.

Renters report that they are familiar with mortgage terminology. However, homeowners are significantly more knowledgeable. This is partly due to living the experience. Forty-five percent of the renters surveyed say that they consider buying a home in the next two years.

"Renters reported being less confident about managing their credit extremely well, but 75% of them have recently requested a copy of their credit report," said Doug Duncan PhD, chief economist at MBA. "Both renters and homeowners are checking their credit reports, and for those 45% of renters hoping to become homeowners in the next few years, this is a key first step toward homeownership."

The survey found that around 80% of both renters and homeowners know someone who has been in serious credit trouble. Yet, only 40% of homeowners and 54% of renters have been there personally.

Approximately 70% of both renters and homeowners say that Americans don't manage credit responsibly. They also believe that Americans don't pay off their debt quickly enough. In fact, 93% of homeowners and renters believe that Americans have too much debt.

Seventy-six percent of homeowners have no debt or pay off their debts in full each month. Only 12% of homeowners find it difficult to meet the minimum monthly payments they owe.

Fifty-four percent of renters have no debt or pay off debts in full each month; however, 54% also believe they have more debt than they should.

The survey also found that most homeowners use cash-out refinancings to consolidate debt or make home improvements. The majority believe that it has improved their financial situation.

Two-thirds of those surveyed said that they believe credit cards to be the most difficult type of debt for consumers to pay off.

"These findings provide the mortgage lending industry with important insights into homeowner's and renter's beliefs regarding their credit standing," said Duncan. "It also shows us that renters understand less about the mortgage market and are less confident in managaing their credit."