Something that was happening pre-cc law:
CC user has late payment.
CC issues rate hike and fee.
Other CCs universal default and rate hike fee.
CC stumbles along trying to make good on burden.
Credit report rating trashed due to one CC.
Since the rating is trashed - why pay any of the debts? CR is fucked up already.
All banks experience higher credit card default rate.
Lesson: Apparently universal default goes both ways. (But they won't admit it!)



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