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Collections Lawsuits: Younger Debtors Are Still Learning Money Management

younger debtors
  • Nov 26 2019

Money management may take years to learn—especially if you did not have a strong role model previously. While in the latter days many students were trained in balancing a checkbook, understanding how budgets work, and even given a smattering of an education in saving and investing, today many youngsters do not even understand how to address an envelope and mail a letter with a stamp much less fill out and sign off on a check.

Younger consumers are more in demand by credit card companies and other lenders than ever, however—And now, the pressure starts earlier than ever to go into debt. You may remember getting your first credit card once you had a job and your life was getting established. For many of us, that was a very big deal, whether it was a department store credit card or a Visa or MasterCard. Today, however there is a melee of credit to choose from, and some consumers are so good at playing the credit card game they may have an enormous amount of plastic to choose from as they work on racking up points, bonuses miles, and more. They may have the system so down, in fact, that they are able to make an income playing the bonus points game!

Unfortunately, many other younger consumers may not be good at managing their money or dealing with the perils of credit card debt. Due to lack of experience and no financial history whatsoever, most likely they also do not understand how serious the repercussions are when you do not pay your bills. This may not even become apparent while delinquencies continue to pile up and debt collectors continue to call with threats. A deputy or private process server arriving at the door with a summons and complaint is usually a wake-up call though regarding those unpaid bills.

Having a stranger bring you legal documents is a pretty strong signal that the credit card company or other creditors are taking serious action. This is also the time to contact an experienced collections lawsuit attorney, not only to respond to the lawsuit but also to launch a defense. Without such measures in hand, a default judgment could be granted which makes life much more uncomfortable due to wage garnishments, seizure of property, and even levying of bank accounts.

Our attorneys at Fitzgerald & Campbell, APLC have decades of experience in serving clients as they navigate through challenging financial situations, to include collection lawsuits, default judgments, and more. Let us review your case and discuss what would work best for you. We are here to help! Click here to schedule a free 30-minute consultation, call us at (855) 709-5788, or email us at info@debtorprotectors.com.

 

Posted in: Collections lawsuit