Credit card defaults fall, delinquencies increase

Credit card debt is a problem that many Americans are facing, and one that may cause more people to seek the help of a credit counseling service.

Moody’s Investors Service reported recently that credit card defaults did decline during October, falling to a bit more than 10 percent after being at 10.72 percent in September.

Though defaults dropped, numbers that indicate they could rise in the future continue to climb. Credit card accounts that are at least 30 days late increased from 5.97 percent in September to 6.12 percent in October.

Credit card delinquencies could mean more defaults in the future, as people may find continued difficulty paying off their credit card debt on time. For those who are facing that problem, one option may be going to a credit counseling service.

A credit counseling service can offer people debt help in a number of ways, including by helping them with budgeting. Furthermore, a credit counseling service can help people set up a debt management plan.