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With defaults and delinquencies rising, some people may want to investigate debt consolidation
01/25/2010
One reason consumers may consider debt consolidation is because they are having problems paying off their credit card debt, and a recent report shows more people are facing that situation.
The most recent Credit Card Movers & Shakers report from Fitch Ratings shows that credit card delinquencies and defaults increased through November. Delinquencies of more than 60 days hit an all-time high of 4.54 percent by the end of November, besting the previous record set in June 2009.
Though not a record, charge offs went up from 10.09 to 10.68 percent, as more companies give up on some debt being paid back. Given the delinquencies hit record levels, charge offs may continue to rise in the coming months as consumers continue to struggle trying to pay off debt.
Given that so many people may be struggle with credit card debt, some may consider trying other options in order to deal with it. One thing they may consider is debt consolidation, which may offer consumers the ability to lower their interest rate while making bills easier to pay.
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