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Collections Lawsuits: Most Credit Card Companies Do Not Want to Go to Trial

credit card companies
  • Feb 24 2020

As credit card debt continues to rise in the US, so does the potential for collections lawsuits. Today, recent statistics show that the average household is carrying $5,700 in credit card debt, while ‘balance-carrying households’ average $9,333.

Some cardholders are even high-school or college students, many of whom may begin going into debt at a disturbingly young age. If you have found yourself in financial distress, no matter your age, consult with a debt protection attorney from Fitzgerald & Campbell, APLC as soon as possible. This is even more critical if you are already being sued by a credit card company or if a default judgment has been granted against you.

You may be tempted to procrastinate due to a sense of dread, which is quite understandable, as well as a sense of shame or embarrassment. While all these emotions and reactions are common, the worst thing you can do is to sweep a debt problem or a collections lawsuit under the rug. You may be going through a considerably rough time due to an illness or an accident, or a family issue such as separation or divorce. Any of these issues on their own are enough to throw many consumers straight into filing for bankruptcy, so do not beat yourself up over events that may have been completely out of your control.

Do, however, respond to any collections lawsuits as quickly as possible—and within the allotted 20 to 30 days listed on the summons. This is not something you want to try on your own, so consult with your attorney regarding the answer—as well as discussing building a defense. You may be quite surprised to find out that once the credit card company or debt collections agency finds out you are suing them, they back right down.

You might suddenly find yourself being presented with quite attractive negotiations for discounted lump sum pay-offs; and in fact, they may be for pennies on the dollar. Most of these corporations are extremely savvy about how they spend their dollars, and if you are about to fight in court (which is rare), most likely they are not going to want to expend the dollars or effort to go to trial. This may be especially true if you have requested that they prove their standing to sue you or have asked for all documentation regarding the account.

Our attorneys 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, or call us at (855) 709-5788, or email us at info@debtorprotectors.com.

Posted in: Collections lawsuit