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    KLEE219's Avatar
    KLEE219 Posts: 1, Reputation: 1
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    #1

    Mar 26, 2007, 06:20 PM
    Is credit card debt valid after 10 years
    Is credit card debt vaild after 10 years?
    AHAWK's Avatar
    AHAWK Posts: 10, Reputation: 0
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    #2

    Mar 26, 2007, 06:22 PM
    Depend on the state's law. Each state had detailed laws that specify how long what type of debit can exist
    Parajr's Avatar
    Parajr Posts: 149, Reputation: 21
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    #3

    Mar 26, 2007, 06:24 PM
    In which state
    ballengerb1's Avatar
    ballengerb1 Posts: 27,378, Reputation: 2280
    Home Repair & Remodeling Expert
    		  
    #4

    Mar 26, 2007, 06:26 PM
    In Illinois the statute of limitations runs out after 6 years. That's 6 years after you last acknowledged the debt by making a payment. Where do you live? Scavenger collection outfits will still come after you long after SOl runs but they are just hoping you will slip and agree to settle, that restarts the SOL.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #5

    Mar 26, 2007, 06:45 PM
    The debt is always "valid" if you have not paid it, but there is a SOL in each state where after that point they may not go to court and get a judgement.

    Also if they do have a judgement, then they can collect throughout the judgement period ( longer than SOL) and often renew the judgement.

    But just because they can no longer go to court and sue you, does not mean the debt is not valid, if you actually owe them the money, it is always a "valid" debt, but you just can't be forced to pay.
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