Credit Card Debt - Chicago,IL

I can't answer whether or not you "have" to pay it off, but the bottom line is that you SHOULD. Whether it is 10 days old or 10 years old, you borrowed money from someone (even if it's a big, evil corporation or bank) and it is the right thing to do to pay it back if you have the means. Even if you have to do it over a period of time, you owe them the money, plain and simple.

So, while there may be a statute of limitations by law that doesn't require you to pay it back, my conscience wouldn't allow me to ignore it knowing that I received benefit from it. Good luck!

NO! NOT WITHOUT CHECKING THE STATUTE OF LIMITATIONS FOR YOUR STATE FIRST!!!!

Debt has a statute of limitations by state that keeps them from collecting after a certain amount of time and the minute you contact them and arrange to make payment the clock restarts.

If your credit has already recovered from the hit and you are not being harrassed, as much as I hate to say it (my husbands aunt filed bankruptcy with 90,000 dollars in a box in her house- but somehow I don't see that as your case!), I would let it go if you can and just never let it happen again. If not, you are looking at interests, fines, and horrible credit all over again..

Go to www.fair-debt-collection.com to find the answers you are looking for..

Hi Bernie!

I have been in your position too and I'm surprised that they didn;t catch up to you yet. They always find a way. Yes, I would contact them. They will work with you and let you pay what you can afford. It will make you feel better in the end....trust me! :0)

Yes - just as ten-year-old dollar bills are still good, ten-year-old debts are still bad. Do call the companies and tell them that you had forgotten about the money you owed them and you'd like to make some sort of arrangement to pay over time. After they recover from fainting, see what they'll work out with you.

I commend you in advance for doing this!

I agree that you should pay what you owe BUT I don't think you should contact them until you have the money to pay them or settle. You don't know if they've written it off OR they are now owned by a collection agency.

Your credit report should actually tell you if they've been written off or not--and if it has, when you can expect that it will be removed. I suggest getting a full report from the three main agencies.

In some instances, if they've written off the debt they are not able to collect it after the fact. The write-offs decrease the credit card company's tax liability..they'd have to reported it as income if they collected it.

Take responsibility for the money you've spent, but be smart about it. Don't open up a can of worms that you aren't in a position to deal with.

People..please don't change your post after people have answered!

Yes, money is tight but if you owe them, I would set up a payment plan. Even $10 per month....it is the right thing to do.

I would check with them first to see if they could remove it from your credit report. Contact the company. Many times they have already written it off as something they will never see, so if you contact them I am sure they would be willing to work with you. Wait until you have the money, then get something from them IN WRITING with your settlement agreement.

For instance, say you originally borrowed $300, then the interest over the years made it $700. Offer to pay them the original $300 (or even $200). If they accept, be sure to get it in writing before you pay, then PAY PROMPTLY. Make sure the agreement also states they will remove this from your credit report. Good luck!

Whether you bought something yesterday or 10 years ago you still have to pay for it.

Yes, contact them. At some point the debt will go to yet another collection agency, and they will start calling you. If these debts are small, make them an offer of either a reduced amount or a payment plan for the whole amount. If the first, although your credit report will show that there was a settlement, it's better than an ignored debt. If the second, it will show the debt was cleared but it will take longer. They'll take $10 a month I'm sure. Either way, you'll feel better.

FYI I think the IRS writes off old tax debts after 10 years - if they haven't been able to collect in 10 years, they give up. But it's still obviously on your record. I mention it just because you ask the 10 year question - not sure if it's the same for credit cards.

I think you borrowed the money, you should pay it off. even IF in small increments..

Hi B.---I think that since you asked the question, you most likely know the answer. Even if difficult, I'm sure you will feel better knowing you did the right thing by paying the debt.

D.

My husband is a really good source to ask any questions you may have about improving your credit. He used to own a non-profit Hud approved credit counseling agency and helped so many with their loan modifications, home buying, and credit problems. Currently he is a licensed mortgage broker as well as a credit repair agent for a company called Financial Education Services. You can simply call him or email him if you like about any questions you may have. He's really knowledgeable and super helpful and kind. He loves to help people :)

Here is his contact information:
____@____.com
###-###-####

His name is AJ

Best of luck to you!

Depends on what you want the outcome to be. It is your debt and morally you still owe it.

However, legally you probably don't have to pay it. It you contact them then the 10 year clock begins again and once again it will effecct your credit. So if you contact them be sure you can pay it off in full or you are stuck with it for another 10 years and them impact that brings.

Is it even on your credit reports? Have you checked? If not, go to www.annualcreditreport.com and see. The statue of limitations is 7 years from date of derogatory. If a collection agency is contacting you, do not make payments. I've seen people start a repayment plan with a collection agency only to miss a payment and then the clock starts all over again from that date of delinquency. If you know it was from 10 years ago and it happens to still be on your report, simply dispute the last date of delinquency. It should be off without you paying a penny.

There are 4 Credit Reporting Agencies: TransUnion, Equifax, Experian and Innovis. You can access the first 3 via annualcreditreport.com for free (do not use any other so claimed free services).

Good luck.