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Although delinquencies drop, those having problems may consider debt consolidation
By Oscar Monfort on Jun 1st, 2010
Trying to pay off debt may have become less of a problem for some Americans, according to a recent report from Moody's Investors Services.
The company noted that the delinquency rate for credit card accounts in the country dropped for the sixth month in a row, falling to 5.54 percent of all accounts. Moody's noted this was the lowest level seen since November 2008.
As delinquencies decline, so does the chance that banks will have to write off additional credit card debt. The charge off rate - which is a measure of these defaulted accounts - also fell in April to 10.91 percent.
"Moody's expects further gradual improvements in the charge-off rate throughout the year," the company said.
However, there are still people who are either late on their payments or have reached a point where they can't pay what they owe. These consumers may consider debt consolidation as one option for dealing with higher interest rates.
By lowering the amount of interest they have to pay, consumers may find they are better able to meet their monthly debt obligations.
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