Latest CC Statement Came - Minimum Payment = Balance, Should I Be Worried?

[DirkDiggler]

Its been over 3 months since I made any CC payments, and normally the statements come and they have a minimum payment of around 25-35% of the total balance due to late fees, interest charges, etc....today got one, and the minimum payment was the balance on the card! Does this mean I should be expecting to be sued soon? Or will it go to collections before I get sued?

[BobMango]

Whether or not you are about to get sued is difficult to tell. It appears that the credit issuer simply advanced your loan in preparation for whatever steps they plan to take. If the amount is something they think you might be able to pay if forced they will sue. Chase sued me about 12 months after my last payment to them. I had 3 cards with them but they only sued on the smallest amount, I'm guessing because they thought they could collect on it. They learned otherwise.

[frogger]

If your statement now shows the balance due, the cc company has decided that you have officially defaulted on your bill. The date of this statement is now the official date for your statute of limitations to begin.

Time for a lawsuit? Who knows. You'll be sure to get a call or six from some collectors now. Keep a tough skin and good luck to you.

[sunshinepa]

It's hard to tell what they will do. I've seen people here go a long time with no lawsuits. I got one in just 6 mos. and I had the card over twenty years, always paying it off. Of course, I own a home so I guess they figured they were gonna get a piece of that.

I'd take a guess and say you have a few months yet, probably go to collections first.