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What is the minimum balance for which a credit card company will sue you? |
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Answer
There is no set amount that determines if a lawsuit will be inacted. One of the major factors is the collectibility of the debt. If the consumer/debtor has a job, non-exempt assests and lives in a state where the lender can recover legal expenses then a lawsuit is very likely. Several states allow arbitration as another of option of debt settlement/collection.
First answer by Nikki. Last edit by Nikki. Question popularity: 33 [recommend question]
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Answers.com > Wiki Answers > Categories > Business and Finance > Personal Finance > Money Management > Credit > Credit and Debit Cards > What is the minimum balance for which a credit card company will sue you?
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Can a credit card company sue you for unpaid balance? How do you get the credit card company to lower the minimum? What will happen if you can only send a credit card company a portion of the minimum due?
