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Defaults drop for Capital One, but consumers still in trouble may consider debt consolidation
By Angela Hawke on Jul 17th, 2010
Not paying off a credit card balance can eventually lead to the account being written off by a company, which could result in trouble for the borrower in the form of collection agencies or lawsuits.
However, one card issuer reported improvements regarding late payments and defaults during June. Capital One Financial Corp. said that the rate of accounts that were at least 30 days late fell from 4.8 to 4.79 percent during the month.
While that drop is relatively small, the credit card company also said that total balances of plastic debt that were charged off dropped from $436.2 million to $422.5 million from May to June. That comes to about 9.3 percent of the total of that kind of debt.
Although some consumers who hold accounts with the company may be having a better time paying off their debts, others are still evidently having trouble. These consumers may consider options for trying to get out from under what they owe.
One they may consider is debt consolidation, which has the potential to provide a number of advantages, including a lower interest rate.
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