I think these banks WANT the defaults in order to sell the accounts and take the write off.
it is a debt version of a credit default swap.
what gets me is I’ve made payments (minimum is 85) of 200+ per month, been told I’m an excellent customer yada yada, yet the decision to reduce the credit line reduction is final and irreversible..
I signed a contract with them for a specific amount of credit line which they arbitrarily reduced, I wonder how they’d react to MY arbitrary reduction of monthly payments to $20 per month..wanna bet they’d not like that???