Many consumers that I have worked with in the credit card debt collection industry make a similar mistake. They wait until they are served with a credit card lawsuit before they learn how to protect themselves. The reason that this is such a mistake is that once you are served with a credit lawsuit, your stress levels will be through the roof. It is scientifically proven that high levels of stress significantly obstruct the learning process.
Credit lawsuits, for the most part, are actually quite easy to avoid. All you have to understand is what will make your creditor decide to sue. Once you understand your creditors motivations, it will not be difficult to avoid pushing the wrong buttons.
Creditors and banks are only concerned with making money. Because of this, they will use almost any other way to get you to pay your credit card off before they decide to take legal action. Banks and creditors do not want you to know this because they use intimidation and fear to their advantage when dealing with consumers like you. However, at the end of the day, taking a consumer to court is quite a costly process and not one that is usually used.
There is an exception to the previous paragraph. Citibank is one of the few creditors that use the legal process consistently. Citibank does this because they have developed a way to sue their debtors without incurring massive legal fees. If you bank with or have lines of credit through Citibank, I strongly recommend moving the accounts and lines of credit elsewhere as soon as possible.
Some consumers are not able to avoid credit lawsuits. If this happens to you it is definitely not the end of the world. You simply need to get all the information that you can before you have to go to court. Creditors and the attorneys that they hire, rely on the assumption that most consumers know nothing about the legal system and will be likely to make costly mistakes in the courtroom. If you want to protect yourself, gaining knowledge is the key.
Once again, to come away with a favorable ruling in a credit lawsuit, you simply need knowledge. Go ahead and shock the opposing attorney with your knowledge of the legal system. Who knows, you may just walk away with a wonderful result.
Credit lawsuits, for the most part, are actually quite easy to avoid. All you have to understand is what will make your creditor decide to sue. Once you understand your creditors motivations, it will not be difficult to avoid pushing the wrong buttons.
Creditors and banks are only concerned with making money. Because of this, they will use almost any other way to get you to pay your credit card off before they decide to take legal action. Banks and creditors do not want you to know this because they use intimidation and fear to their advantage when dealing with consumers like you. However, at the end of the day, taking a consumer to court is quite a costly process and not one that is usually used.
There is an exception to the previous paragraph. Citibank is one of the few creditors that use the legal process consistently. Citibank does this because they have developed a way to sue their debtors without incurring massive legal fees. If you bank with or have lines of credit through Citibank, I strongly recommend moving the accounts and lines of credit elsewhere as soon as possible.
Some consumers are not able to avoid credit lawsuits. If this happens to you it is definitely not the end of the world. You simply need to get all the information that you can before you have to go to court. Creditors and the attorneys that they hire, rely on the assumption that most consumers know nothing about the legal system and will be likely to make costly mistakes in the courtroom. If you want to protect yourself, gaining knowledge is the key.
Once again, to come away with a favorable ruling in a credit lawsuit, you simply need knowledge. Go ahead and shock the opposing attorney with your knowledge of the legal system. Who knows, you may just walk away with a wonderful result.
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