I have fallen behind in payments on myvisa. The account has been sold to a third party and have now tacked on double the amount owed. I have received a summons for arbitration, but have not hired an attorney. What are my options or at best, what can they do to me? (other than keep reporting it to the credit agencies)

I heard that if you go to arbitration and lose, then the collector can go after your bank accounts and everything immediately. You need to find out what happens at arbitration. You can probably find out what happens in your state by going on the web. Good luck.

They would be taking you to court to get a judgement, where are you at, there is a statue of limitation if you don't re-affirm the debt,
You still owe it, but they can not go to court and force you to pay after a certain time frame in each state.

Not sure what you are "reporting to agencies" but what you can or should do is based on age of debt, last payment made, and where you are at.

Getting that attorney, not telling the credit card company anything before you get the attoreny is the best thing you can do