Credit Card Default Rate High for Massachusetts Consumers
The number of consumers defaulting on credit card bills is increasing nationwide, and in Massachusetts. According to the official record keepers, the credit card default numbers are up, the rate is up, and the index is the highest since 2004. We are seeing new Massachusetts personal bankruptcy clients who just can’t pay the minimum payments at increased rates. We are also seeing, more and more, credit card companies willing to negotiate a settlement.
Officially, the rates are calculated when the consumer is at least six months behind, or the credit card company has written off the debt.