Is it true that after 7 yr credit card debt not paid comes off your record?

Answer 1

Every state is different, however yes, most states have whats called a statute of limitations on credit card debt. If you fail to take any action on the account then at a certain date (anywhere from 3-8 years) the credit card company can no longer pursue the money if they have not sued you within that time.

Be aware however, that if you take any action whatsoever on the account (paying a little bit, checking balances, calling to lower the apr) then you start the period all over again. Additionally, you can annihilate your credit by going this route.

Good luck!

Answer 2

No, only paid and collected debts come off. Any unpaid debt can and will stay on your report until it is settled. Note that your question ask about unpaid debt, not debt that was sent to collections or that has been written off. Debt that is written off, or has gone to garnishment and has a judgement, will stay on your record for 10 years after the date of judgement/write off.

Answer 3

Negatives fall off your credit report in 7 years and 180 days from the charge off date. This doesn't mean that collector can't continue to collect -- they'll follow you to the grave.

But before it gets to that 7 year point, the creditor might just sue you, get a judgment, and attach your bank account, garnish your wages, and attach your property.

Work out payment arrangements. You made the charges; you owe the money.

Answer 4

Yes, it will come off your report - BUT Keep in mind, just because it falls off of your report doesn't mean the debt goes away.

They can attempt to collect a valid debt forever.

Answer 5

No.