Credit Card Debt Statute Of Limitations
4 Credit Card Tips You Must Know!

Credit card debt statute of limitations when settling credit card debt or negotiating credit card debt. 4 tips you must know about old credit card debts.

Legally get out of debt if you are in credit card debt, it is very important that you are aware of the debt statute of limitations in your specific state.

Usually you will find that this time period will either be from the time you last used the bank card in question or the last payment that you made on the bank card account.

In the past few years, more and more collectors have become extremely aggressive in trying to collect these old bank card accounts, and many of them have violated the debt statute of limitations.

Unfortunately, many customers did not even know their rights had been violated. Often, the person trying to collect on the account is not even the same company that you had the account through, since many companies purchase old accounts in hopes that customers will pay them off.

You see, in some cases, after the credit card debt statute of limitations has past, the company can no longer sue you in order to get their money.

If you think that this account may be past the statute of limitations, then there are a few things you need to keep in mind. The following are a few tips that can help you know what to do in regards to time barred debts.

Tip #1 - Check the Statute of Limitations in Your State

The statute of limitations are different in many states, so it is important that you check and see what they are in your state. You can check with the State Attorney’s office for the statute of limitations in your specific state.

Tip #2 - Don’t Pay

If you check and find out that the statute of limitations are past on your account, then you do not want to make a payment. Making a payment on the account can make it appear as if your account is recent, which opens the door for collectors to begin harassing you for payment again.

Tip #3 - Watch Your Credit Report

It is also important that you keep a close eye on your fico score as well. After the statute of limitations is past, they should not continue to post negative marks on your report. Make sure you check your report to make sure this is not happening.

Tip #4 - Ignore Communications

After the statute of limitations is past, your debts becomes a time barred debts, and you need to just ignore any communications. Avoid answering their phone calls and do not communicate with them by mail either.

Remember, companies cannot sue you after the statute of limitations is over.

If you find yourself in this situation, make sure that you remember these tips to avoid further problems. In some cases you may actually be able to come to a very low card payment to solve this type of account, or in some cases you may beat these debts altogether, knowing your states credit card debt statute of limitations can save you money.