After covering JP Morgan Chase’s decision to forgive the credit card debt of its Canadian cardholders, I wanted to focus on one of the other big (but often overlooked) credit card stories of our time–the aggressive enforcement efforts against those with credit card debt taken by Capital One and Midland Credit Management.
If you are someone who struggles to pay your credit card bills on time, you should stay far and away from Capital One. To understand why, I strongly suggest that you take a read of “At Capital One, Easy Credit and Abundant Lawsuits” that documents the number of lawsuits filed in connection with Capital One credit card debt.
In one study of a Las Vegas Justice Court over a multi-year period, 56,054 lawsuits were filed by Capital One for credit card debt. The next closest was Citi with 15,579, Discover with 14,666, before dropping off to … Read the rest of this article!