Collection agencies back increasing rates on defaulted debts
Gilman Halsted, Wisconsin Public Radio
A statewide association of collection agencies is backing a change in state law that would hike interest rates for consumers who default on their debts.
The proposed increase in the default interest rate would only affect unpaid debts up to $10,000. It's an effort to roll back a change in law that took place in 2011, when the legislature lowered the rate on all default debts from 12 percent to one percent plus the prime rate.
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