The Universal Default Rate in relation to the financial services industry allows a lender to change the term of a loan from the normal terms to a new default term. Typically a default rate will be activated when loan payments are missed or a loan goes into default. The term is most associated with credit cards in that when a consumer fails to make a payment on a credit card, interest rates can soar to over 30% in some cases. Once you are in a default rate on a credit card, there is not much you can do to get out of the high rates. You may want to consider doing a debt consolidation program. Once you enter a debt consolidation program, your interest rates will be reduced, over limit fees stopped as will as late fees.
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