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Given the number of credit card accounts having problems, some people may want to consider debt consolidation.
12/02/2009
A recent report from Fitch Ratings shows that credit card delinquencies continued to climb in November.
According to Fitch, credit card accounts that were more than 60 days late reached 4.41 percent in November, which is the highest level seen in five months.
"Late stage delinquencies are now 31 percent higher than year-earlier levels and just below the record high of 4.45 percent set this past June," Fitch Ratings noted.
The rise in delinquencies was attributed to continued high levels of unemployment, with Fitch expecting the unemployment rate to remain above 10 percent through much of 2010. Furthermore, higher delinquencies could mean more accounts are going to go into default in the coming months.
Rather than have their accounts go into default, some consumers may consider pursuing debt consolidation. Debt consolidation may allow consumers to find a better interest rate, which may help them pay off debt. When looking for debt consolidation opportunities, consumers may consider going to a credit counseling agency, which can help them find a plan that fits their needs best.
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