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Debt on credit cards continues to haunt some people as a recent report from a financial services company shows that delinquencies and defaults on accounts increased.

Moody’s Investors Services’ Credit Card Index for November showed that charge offs increased to 10.56 percent during the month. The two months before saw charge offs drop, with October posting a rate of 10.04 percent.

The firm noted that it expects charge offs – or credit card card debts that lenders deem uncollectable – will reach a high of between 12 to 13 percent during the middle of 2010.

One of the things that could lead to a further increase in the number of credit card defaults is a rise in account delinquencies. Full article…