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Collection agencies back increasing rates on defaulted debts

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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.

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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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