Credit Card Lawsuits on the Rise

Ceres

New Member
As the US economy continues to weaken, JSOnline reports that credit card lawsuits are on the rise in Wisconsin. Banks and other creditors are turning to the courts in an effort to recover debts.

56% of cases in one week
Although it's difficult to track exactly how many of the money judgment lawsuits involve credit card defaults, a review of one week of such filings this month in Waukesha County found 56% were credit card collections.

In one week, 38 consumers were sued for defaulting on a combined $467,622 in credit card debt. The average card balance with interest and fees in these cases was $12,306; actual debt ranged from $5,402 to $56,320.

Some national financial analysts have warned that credit card defaults might be another blow to the economy.

See: Credit card lawsuits on the rise - JSOnline
 

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