Capital One Sees Defaults Drop
 
The credit card company Capital One is pleased to announce that they have seen a drop in the number of defaults that they have been experiencing since the economy went belly up. They are reporting that they have seen a drop in the number of people that have been delinquent with their accounts. According to the credit card company, the rate of accounts that were at least thirty days late had fallen from 4.8% to 4.79% during the last month. This does not seem like a large drop, but when you factor in that they are talking about millions of dollars that amount adds up.
 
Some consumers with the company are still having problems though and much of it has to do with the high amount of unemployment that is still out there. With so many people out of work it is difficult for them to pay their bills on time, and in many cases they cannot pay them at all. Capital One says that they are looking at a difference of about $14 million in money that has been paid as opposed to being charged off.
 
When your bank balances are charged off they will go to a collection agency who will then attempt to collect the debt. This will hurt your credit rating and leave you unable to secure other loans and funding. If you think that you are headed down this path – you might want to look into getting a debt consolidation loan to pay it down.

 

 

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