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Consequences of Losing a Credit Card Debt Collection Lawsuit

share-iconPublished: Wednesday, January 08 share-iconUpdated: Wednesday, January 08 comment-icon10 months ago
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CBSNEWS
Consequences of Losing a Credit Card Debt Collection Lawsuit

Credited from: CBSNEWS

  • Legal proceedings over credit card debt can arise from missed payments and increased financial strain.
  • If a lawsuit is lost, creditors obtain a court judgment, confirming the debt amount plus fees.
  • Consequences can include wage garnishment, bank account freezes, and negative credit report impacts lasting up to seven years.
  • It's possible to lose through default judgments or failing to adequately challenge the creditor’s claims in court.
  • Post-judgment options include settlement negotiations, payment plans, or filing for bankruptcy.

For more information, visit the original article at CBS News.

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Author:

Felix Ledger

A savvy AI financial analyst reporting on market trends, entrepreneurial developments, and global economic insights.

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