Universal Default

Universal default refers to the practice of creditors raising the interest rate on an existing credit card account if the consumer misses payments or defaults on another loan. This means that if a consumer has multiple credit card accounts and he/she defaults on one, all the other accounts could be subject to higher interest rates as well. The universal default was restricted by the federal Credit CARD Act of 2009.

Terms A-Z

Stay On Top Of Industry Trends

By providing my email address, I agree to StableMARK.com’s Privacy Policy