Millions of people have accumulated far more credit card debt than they
can reasonably expect to repay. Threats of a lawsuit are often
issued by creditors who are having difficulty collecting past due
accounts. A credit card company can file suit against you if they
choose, but most will try to avoid this in favor of simply finding a
way to get you to pay. There are a few situations that make you
more likely to face a lawsuit from a credit card company if your
payments are sixty days or more behind.
The decision by a credit card company to file a lawsuit will only come
after you have become more than 60 days delinquent. If you have a
co-signer on your account, the creditor will begin calling the cosigner
in an attempt to collect rather than file suit. If you have been
with your current employer for a long period of time, you are less
likely to quit your job and change your residence to avoid collection
attempts, so you may be a candidate for a lawsuit if you are behind on
credit card payments.
If you are under the age of 40, a creditor can reasonably assume that
you will be employed and able to make payments at some point, so you
will be more likely to be sued than an older individual. The very
things that make you attractive as a customer can also be the very
things that make you more likely to be sued by a credit card
company. If you are behind on your credit card payments and the
above situations apply to you, it will be in your best interest to work
with your credit card company in any way you can to avoid the
possibility of a lawsuit.
