Credit card cutoff for judgements?
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Posted by Scott on October 12, 2001 at 15:25:39:
I have been reduced to Half Time at my job.
I have a good sized balance on my Visa card
and even the min. payment is difficult now.
What is important is payments for health insurance
and other items more important than the Visa. What I want to know is what is the cutoff for
most cards for a lawsuit and judgement? I know at some point they just write off the debt
and at upper amounts they file suits. Is this amount $3,000? $4,000? $5,000? I am not broke and could pay down the balance
to that point so I don't have employer garnishment
that would threaten my HALF TIME job. My employer no doubt wouldn't like garnishment
and would most likely lay me off first over
another non garnished employee. I have AAA credit and even a default would be
ugly on the credit report.
Thanks,
Scott
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