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Featured Consumer Advice Article

The End Of Universal Default: Foreclosure Will Not Raise Credit Card Interest Rates

The End Of Universal Default: Foreclosure Will Not Raise Credit Card Interest Rates In the past, Universal Default could make your credit card interest rates go up. If you went into foreclosure on your mortgage, your credit card company could increase your interest rate because of universal default. Under the new credit card legislation that goes into effect February 2010, universal default will not be allowed, based on foreclosure or anything else not related to your credit card. Take the time after foreclosure to concentrate on paying off your debt and raising your credit score.

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