Financial Crossroads California LA weighs in on Capital One Default Rate

Feb. 20, 2010 - PRLog -- According to Reuters; Capital One has indicated what all but the blind deaf and dumb realize, times are tough and in fact Capital One said the annualized net charge off rate that they expect never to collect has become a whopping 10.41 percent.
Capital One shows accounts at least 30 days delinquent -- an indicator of future loan losses -- were up marginally to 5.80 percent from 5.78 percent.
Capital One is the third-largest U.S. issuer of Visa (NYSE-V - News) branded credit cards, and the fifth-largest issuer of MasterCard (NYSE-MA - News) branded credit cards, Unless you are in the stone age you have either viewed one of the many clever advertisements or been part of their credit card clan or mailing list.
We at Financial Crossroads hope you have not got into the credit card trap in over your head.
In addition to the credit card losses the U.S. auto loans, Capital One's charge-off rate was 4.27 percent in January, down from 5.68 percent in December, and the delinquency rate fell to 9.61 percent from 10.03 percent.
What does this all tell us?

Many of us have gotten in over our head and may need some assistance.

1.   A credit card company legally only has to give you 15 days notice when changing all of the terms that deal with the credit card. Can anybody say license to steal?
2.   We get relaxed with credit card companies changing our interest rate by as much as ¼%, but do you have any idea that they can alter the terms of your credit card for any reason at all.  If you are late on a payment or miss a payment you can be charged double if not triple.
3.   A purchase that you made long time after you bought it can be changed by the credit card companies.
4.     Any of those discount offers that you accept, they are only good it you can keep up with the payments.
5.    Your credit card interest rate can increase if you miss a mortgage payment; the credit card company can even take another look at your credit and adjust your interest rate to the way that they see fit.
6.    You are helping credit card companies make record profits at this very moment.
7.   If you don’t pay off your credit cards each and every month then they profit heavily off of the interest rates.

If you would like to get a free assessment of your situation you can get a no hassle consultation by calling (888) 382-2439

Financial Crossroads
Santa Ana, Ca. 92705
www.financialcrossroads.com
info@financialcrossroads.com
http://www.financialcrossroads.com/blog/

# # #

Based in Santa Ana, Financial Crossroads is a member of The Association of Settlement Companies (TASC) and offers solutions and programs to Americans looking to get out of debt. Financial Crossroads uses a multi-faceted approach to resolve credit card and unsecured debt..