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How to Handle Capital One Debt Collections in Ohio
Capital One has the sixth largest deposit portfolio in the United States.
Address: 1680 Capital One Dr., McLean, VA 22102
What Is Capital One?
Capital One Bank was founded in 1988 and presently has the sixth-largest deposit portfolio in the United States. In 2011, Capital One purchased Hong Kong Shanghai Bank Corporation’s (HSBC) domestic credit card business, making it the fourth largest issuer of credit cards in the United States.
Dealing with Capital One Credit Card Debt
Capital One is the most aggressive marketer of credit cards in the country. They offer credit ranging from the lowest tier, up to tier one credit. The majority of Capital One credit card agreements are written in such a way that their interest never stops accruing. This can spell disaster for any consumer experiencing a financial hardship. A credit card with a balance of $1500.00 can triple or quadruple the balance within a few years.
It’s important for a consumer who holds a Capital One credit card and is on a slippery financial slope to deal with the matter as quickly as possible. Should the account go unchecked, a credit card balance can escalate quickly and become out of reach for a consumer to financially handle.
Many Capital One accounts that are distressed, specifically their HSBC line, are sold to any number of debt buyers. Often times these debt buyers will “sit” on the accounts allowing the interest to accrue even higher before collecting on them.
What to Do if You’re Sued by Capital One
Capital One and HSBC accounts are also actively collected on and sued by debt collection law firms. If any Capital One/HSBC account held by a consumer is referred to a law firm in their state, it’s important to setup a satisfactory arrangement as soon as possible. If at any time a lawsuit is filed, seek immediate counsel from a consumer law attorney.