Each state has a statute of limitations on old credit card debts. The statute of limitations refers to the period after which, creditors cannot sue you to collect the debt. The length of time is calculated from your last payment date or last activity date (this is when you last used the card).
In the past 10 years, a growing trend has ensued, where aggressive debt collectors buy old debt accounts and actively pursue consumers to collect the debt, even though the statute of limitations has past. They purchase these accounts for pennies and hope that you will pay up. Even if, you pay $1 on the account - they make a good profit.
This is a violation of the Fair Debt Collections Practices Act. Some creditors even lie and say that the statute of limitations starts from the day that they purchased the debt account. These companies are so bold that some of them will threaten to sue you and in fact proceed with the court case - don't give in. Others will harass you day and night, use profanity or promise to erase negative marks off your credit repot, if you send in a minimal payment.
Verify the statute of limitations information with your State Attorney's office and solicit further advice on how to navigate your situation. The author is the owner of the information-rich website http://www.poorcreditgenie.com - a "Drudge Report" of credit. The website offers free advice on how to rebuild credit and manage debt. The site also features numerous articles and news stories on credit reports, credit cards and bankruptcy.
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