About Credit / Debt Management: Do You Have to Pay Old Debts?

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Credit / Debt Management Credit / Debt Management Credit Repair Credit 101 Pay Off Debt From LaToya Irby, your Guide to Credit / Debt Management I frequently get emails from readers who want to know if they have to ancient debts from the '90s. More often than not, the statute of limitations on these debts have passed, but that doesn't stop collectors from calling. What is the Statute of Limitations? There are laws in every state that put a time limit on whether you can be sued for a debt. This limit ranges from 4 to 15 years, but it's up to you to prove the statute of limitations has expired. The Statute of Limitations in Your State What Can Restart the Statute of Limitations Clock? The statute of limitations is based on more than just your last payment on the debt. Something as simple as owning up to the debt can restart the clock, lengthening the time you can be sued over an old debt. FAQs on the Debt Statute of Limitations Credit Reporting Time Limit The credit reporting time limit, which is the amount of time a debt can be listed on your credit report, is different from the statute of limitations on debt. In some cases, you can still be sued for a debt that doesn't appear on your credit report. Should You Pay An Old Collection? Paying an old debt is about more than about the effect on your credit report or the likelihood that you'll get sued. The question becomes should you pay back what you owe, no matter how much time has passed? Credit / Debt Management Ads Debt Settlement USA Credit Cards Debt Credit Counseling FL Sample Credit Repair Credit Dispute Featured Articles How to Maintain a Good Credit Score The Benefit of Paying High Interest Debts First Avoid Bad Credit Loan Scams Change Your Credit Card Due Date 7 Signs of Identity Theft Credit Card Reviews   More from About.com Plan a Unique Vegas Wedding The minister, music and champagne are just the beginning -- why not get married aboard a helicopter or have a pirate swing in to deliver your rings? Arrrr! More> Join About.com's User Panel! Share your opinions and help us make About.com more relevant, informative and enjoyable to use. More> This newsletter is written by: LaToya Irby Credit / Debt Management Guide Email Me | My Blog | My Forum   Sign up for more free newsletters on your favorite topics You are receiving this newsletter because you subscribed to the About Credit / Debt Management newsletter. If you wish to change your email address or unsubscribe, please click here. About respects your privacy: Our Privacy Policy Contact Information: 249 West 17th Street New York, NY, 10011 © 2010 About.com   Debt Diet eCourse Sign Up for the eCourse Review the Debt Diet eCourse Lessons Get Debt Support on the Forum Advertisement