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Learn to fear the universal default

June 22nd, 2008

The dreaded universal default provision.  This is something not many consumers know too much about until it has become too late. This allows the creditors to practically raise your interest rate for any reason they would like too. The most common reason is if they see you have missed a payment, and it does not have to be a payment with them.  You can miss one payment with one creditor and come to find that all of your other creditors will raise your rate, even if you have never missed one payment with them ever. This causes many people to be in a position to where they will never pay the debt off, for most people the best option to get out of debt at this point is debt settlement negotiation.

Entry Filed under: Business