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Home > Money & Services > Bankruptcy & Debt   »   Credit Card Debt

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Old Nov 3, 2007, 07:31 PM
jones278
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Credit Card Debt
I heard that if owe credit card debt that after 4 years you don't have to pay the debt any more. Is this true and what states do this apply to.

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Old Nov 4, 2007, 09:14 AM   #2  
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Hello Jones278
each state has its own statues of limitations. Just google your state laws. Do you have a judgement? Explain what is going on so we can give you some advise
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Old Nov 4, 2007, 09:19 AM   #3  
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No its not true. When you borrow money your obligation to repay that money NEVER expires. What you probably heard is that a creditor can't sue you to recover the money after a period of time. The period and how its determined varies from state to state.
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Old Nov 4, 2007, 10:37 AM   #4  
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Agreed, no that is not nearly the truth, as noted you will always owe the money if you don't pay it back.

After a number of years up to 7 depending on the state, they can no longer take you to court to get a judgement to force you to pay.
But once they have a judgement they can collect up to 10 years, and can renew for another 10 years if needed.

So you did not supply enough information
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Old Nov 4, 2007, 11:00 AM   #5  
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Hello Jones278

Scottgem and fr_Chuck are correct your obligation to pay never goes away. They will try to collect before the sol expires and like as noted before a judgement can last 10 years or longer.
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