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Delinquencies on credit card debt continue to climb, meaning more people may want to consider debt consolidation
11/30/2009
A recent report indicates more people may be in line for debt consolidation, as credit card debt delinquencies continue to rise.
According to Moody's Investors Service, delinquencies of at least 30 days on credit card accounts increased to 6.12 percent during October. That is an increase from the 5.97 percent seen in September. Delinquencies are often a precursor to credit card charge offs, also known as defaults, which are debts that companies don't expect to be repaid.
Moody's noted that credit card defaults saw a decline for the month, down to 10.04 percent after being at 10.72 percent in September. But, the firm also stated that it expects defaults to peak as high as 13 percent in 2010.
For those facing late payments on credit cards, there are options rather than defaulting on loans. One thing they may consider is debt consolidation, where debts are drawn together into a single loan. One of the benefits associated with debt consolidation is the chance at a lower interest rate. Furthermore, it makes payment easier by giving consumers one bill to take care of.
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