Getting Out Of Debt Homepage

Question: How long can a credit card debt last before you dont have to pay?

(Posted by: swampy 8 on 2009-07-03 05:03:19)

Posted by: MICK F on 2009-07-03, 05:06:46

Usually they stop the demanding letters after 15 / 18 months

Posted by: CoolBabe on 2009-07-03, 05:08:37

The debt will remain active until you die. They have ways and means of finding you!

Posted by: bella c on 2009-07-03, 05:11:58

Be careful you dont want your wages to be garnished, because they will be.call them and make payments monthly even if you pay $10 a month, that way your paycheck will not be touched and get it in writing from the credit card company. it will haunt you forever if you dont.

Posted by: Heather on 2009-07-03, 05:52:17

The debt will remain on your credit report and will prevent you from buying a car, buying a house, getting a job, etc. They do not write off your debt. They will track you down, take you to court, have your wages garnished, and repossess your car. Your credit score will be ruined by them reporting to the credit agencies that you are late on payment or have become delinquent. This can be damaging to you if you try to finance a big ticket item such as a house or a car. Please remember that you can always reach a settlement or once you make payment that your scores can be improved. You can have many late, over the limit and interest fees that can be tacked on to the original amount you owe. When you are in delinquency these creditors will charge you the maximum interest rate possible, usually over 30%. The late penalties can add up as well, usually $25-$50, and if you exceed your original credit limit, watch out, they will add those over-the-limit fees as well. If your debt becomes very delinquent, the creditor can take legal action against you. It is possible that they could garnish your wages, get a lien or other legal judgements requiring you to pay up. Not paying credit card debt means that you rack up more and more debt each month. If you fail to pay your credit card debt for a few months in a row, you will see your credit score significantly drop, and you may even receive a debt lawsuit notification from the creditor.

Posted by: Asomiya on 2009-07-03, 05:57:01

You can do the debt settlement. Learn more about debt consolidation and settlement in cashorcredit24.com/ types-of-credit-card-debt-consolidation

Posted by: jlf on 2009-07-03, 08:06:25

Each state has a statute of limitations. That is completely separate from credit report histories.

Posted by: bryan l on 2009-07-03, 08:44:38

This is a dangerous game a few things to remember. You will aggressively get calls in letter for 6 months, then still lots of calls and threats 1-2 years after that. then after 3 years you will get demands for all sorts of diff rent companies. that orginal balance will be triple. other things to remember 7 years after 1st 30 day gone off of your credit report, every state has a SOL, meaning they have a time line to sue you. Even after this SOLs up you will still see diffrent collection agencies come after U till your death.

Posted by: sburtonhome on 2009-07-03, 19:42:44

Technically that debt will always be there unless you settle with the creditor or discharge the debt through bankruptcy. It is important though to understand what happens to that debt: Lets say the debt you are speaking of is a Chase credit card. When you stop paying on the debt, Chase will begin it's process of trying to collect. This will typically go on for 6-12 months until such time that Chase determines that you are not going to pay at which time Chase, in order to get the debt off it's books, writes the debt plus late-fees and interest off which has tax benefits to them. It is from this point on where you have the best chance of settling a debt for much less than you owe. The creditor then typically takes that debt and sells it to a third-party collection agency/ law firm. These collection agencies often buy that debt for pennies on the dollar. Their hope is that they are able to collect a percentage of all debt they own. They use various techniques to collect including filing a collection suit. If they are unable to collect they may resell the debt to other collection agencies. At some point, if the collection agencies have been unsuccessful in collecting on the debt the debt will have no value and be filed away.

Posted by: Massivetoe on 2009-07-05, 05:24:17

I don't know where you are, but if you are in the UK then the company have 6 years in which to take you to court since you last admitted the debt existed. This can be a letter you sent, a phone call, the last payment or anything else. You would have to be very lucky to avoid the debt for 6 years. The debt still exists after this time but they cannot sue you for it unless you admit the debt after this time. If it has already been 6 years then they cannot pursue you for it. If they threaten you and harrass you then they commit an offence (Used to under the Administration of Justice Act 1970). The same goes for debt collection agencies.