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    jones278's Avatar
    jones278 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Nov 3, 2007, 08:31 PM
    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.
    slowandeasy's Avatar
    slowandeasy Posts: 353, Reputation: 14
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    #2

    Nov 4, 2007, 11:14 AM
    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
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #3

    Nov 4, 2007, 11:19 AM
    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. The period and how its determined varies from state to state.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #4

    Nov 4, 2007, 12:37 PM
    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
    slowandeasy's Avatar
    slowandeasy Posts: 353, Reputation: 14
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    #5

    Nov 4, 2007, 01:00 PM
    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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