4 ways to settle credit card debt after a lawsuit is filed

The current economic climate, marked by issues like high inflation and elevated interest rates, has led to a concerning rise in credit card delinquencies and maxed-out credit cards. And, in many ways, that makes sense. With credit card rates now averaging over 21% and the cost of gas, housing and groceries climbing, many cardholders' finances are being stretched thin and it's becoming increasingly difficult for people to keep up with monthly payments.

This approach can be challenging, as the creditors you owe money to may be less willing to negotiate once legal action has been taken, but it may still be worth exploring if you think you can negotiate successfully with the card companies you owe money to.After all, while the lawsuit can complicate the process, some creditors may be open to accepting a lump-sum settlement or a structured payment plan that fits within your financial means if it means avoiding further steps in the legal process.

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