Will a collection agency sue over a $5,000 debt?
We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms. If you’re worried about being sued over an old debt, the amount you owe could play a significant role. Yuri Arcurs/Getty Images If you’ve fallen behind on a $5,000 debt and a collection agency is hounding you for payments, you might be worried about what happens next. Owing a few thousand dollars to a debt collector can put you in a stressful situation, especially considering that debt collectors are known for their aggressive collection tactics . The tools they can use to try and collect what’s owed range from extra fees and interest charges to threats of lawsuits or other court-related actions, and the tactics tend to escalate over time if the debt remains unpaid. For example, you may already be dodging debt collector calls and feeling overwhelmed every time you check your bank account, so the last thing you want is a lawsuit on top of your financial troubles. If that happens, the ramifications aren’t limited to just financial, either. You also have to