2007-07-01 23:34:51 · 11 answers · asked by rudgey76 1 in Business & Finance ➔ Credit
what do you mean by "old credit card debt"?
if you're in debt, it will stay with you until you pay it off.
if you mean a negative report on your credit report because of collections or late payments, than that stays on your report for 7 years. everything on your credit report stays there for 7 years.
2007-07-01 23:45:27 · answer #1 · answered by Anonymous · 0⤊ 0⤋
It will stay on your credit report for 7 years. Regardless of what others say, the company CANNOT re-age the debt. So, if you pay it off or make payment arrangements, they cannot start the 7 year time period over. It's illegal.
Now, just because the 7 year period is over on your credit report and the debt falls off does not mean that you don't owe the money. Each state is different - you would have to investigate and see how long your state's SOL runs. If it's indefinite, then the collectors could contact you forever (or until you pay the debt, anyway).
2007-07-02 06:04:07 · answer #2 · answered by YSIC 7 · 1⤊ 0⤋
A delinquent credit card debt can be reported for 7 years on a consumer's credit report.
The 7 year reporting period is different from the sol on the debt.
SOL stands for Statute of Limitations. It's the amount of time an OC or CA can take legal action against a consumer for a debt. Once the SOL has expired, you no longer owe the debt. Check your state's statues for credit card debt. Even though the sol may have expired on your debt, it will not prevent an OC, CA or JDB from trying to collect on it. They can try collecting forever, but it's up to you to tell them about the sol expiration and use it as your defense to not repay back the old debt.
2007-07-02 04:00:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
For 7-10 years.
2007-07-02 00:30:57 · answer #4 · answered by reality 6 · 0⤊ 0⤋
5-7 years
2007-07-05 12:29:29 · answer #5 · answered by amaya7 5 · 0⤊ 0⤋
6 years
2007-07-01 23:39:16 · answer #6 · answered by mrbatfink 3 · 1⤊ 0⤋
it depends whether or not you are in contact with the issuing bank. Its a bit like a clock. the time goes by and every time you speak to the bank with regards to the debt, the clock is reset.
After 6 years of non contact they can choose whether or not to write the debt off. But this depends on the amount.
2007-07-01 23:41:39 · answer #7 · answered by Mr Jolly 3 · 3⤊ 0⤋
Seven Years - it could go to collections or resold to another agency for pennies on the dollar and they can still come after you. Do not pay anything if you want to get rid of it, because the second you send a payment to some one it reaffirms the debt for another 7 years. Good Luck .....
2007-07-01 23:45:45 · answer #8 · answered by Henry H 6 · 1⤊ 1⤋
You have to check the statute of limitations for your state.
But usually it is for 7 years of the last payment you made, not when you got the card.
2007-07-02 04:49:58 · answer #9 · answered by Gengis 6 · 0⤊ 0⤋
Scotland - 5 years.
2007-07-02 00:09:35 · answer #10 · answered by Jackie M 7 · 0⤊ 0⤋