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Is true that after a certain amount of time you dont owe the credit card companys anymore?

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Asked by Anonymous at 1:25 PM on Mar. 28, 2011 in Money & Work

Answers (10)
  • I've heard 7 years, but it's gotten to where they are now taking people to court and getting their money back through your pay from work or taxes. It's impossible to get away with.

    Answer by Anonymous at 1:32 PM on Mar. 28, 2011

  • Sometimes if it is a small debt they will write it off. Usually they will still make you pay something. It is very bad for your credit score.

    Answer by riotgrrl at 1:33 PM on Mar. 28, 2011

  • it will be on you credit report in a bad way for at least 7 years. They could take you to court. Depending on what tax return you do it could be that you wont get the money,it goes straight to pay the bill you own. Heard about that b4. But thats mostly when you get the loan tax return things.

    Answer by LittleBirdFly at 1:35 PM on Mar. 28, 2011

  • No. So if you owe, pay what you owe!

    Answer by Anonymous at 1:38 PM on Mar. 28, 2011

  • lol yeah when you're DEAD.

    To just not pay CC debt is a dumb move for anyone.

    Answer by Anonymous at 1:44 PM on Mar. 28, 2011

  • No, not really.

    If a credit card company writes you off for not paying your debt, they have the choice to sell your debt to a collector or sue you for payment. If they sell to a debt collector, they will try and collect, if they can't.. They then have the option to sue you for the money.PLUS attorney fees, filing fees court cost, collections fees and even the fee they paid to serve you the papers.

    Even if a payment arrangement is set up and you default on it. In regards to collections.. They have 20 years (in my state) to collect that debt from you.

    So really. There is no way of getting out of paying by just trying to wait until time passes.

    Answer by pixie_trix at 1:46 PM on Mar. 28, 2011

  • You always owe them, even if they have no legal support in trying to collect it.

    They could get a judgement and have your wages garnished. In PA, 7 years after a judgement they lose their right to legally force you to pay, and those 7 years could be reset by them going back to court. But either way, you still owe them.

    Answer by Candi1024 at 3:10 PM on Mar. 28, 2011

  • No, you always owe that debt. There is a certain amount of time where they can take action against you...once that time has elapsed there's nothing more they can do.

    Answer by KennsWifey at 5:07 PM on Mar. 28, 2011

  • I think it depends on what state you live in but I'm not completely sure.

    Answer by tspillane at 7:56 PM on Mar. 28, 2011

  • I don't think so they will be after you forever

    Answer by Nitestalker at 10:36 PM on Apr. 1, 2011

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