Free Debt Relief : Sometimes it’s best to do nothing
I like action. I like to do things when I have a problem rather than sit at the mercy of fate. I figure I used up most of my luck being born and I don’t want to use up the rest on small stuff. But as much as I like action, I recognize that doing nothing can be a useful tactic.
Take for instance when you have some older debts. Depending on when and how you acquired them they may be approaching their statute of limitations. The statute of limitations varies from state to state and for different debts. So for example the ability to collect on a credit card debt may be longer or shorter than the ability to and over due loan.
The statute of limitations means your creditors may lose the ability to collect them after a certain date. That is if you don’t screw it up by restarting the clock/calender. Say by calling and trying to make payments. I would check with the state attorney general and see what the statute of limitations is on the various debts in your debt portfolio.
Remember this is not the same as negative items falling off your credit report after 7 years and in most states an expired statute of limitation doesn’t negate the debt it just means they can’t sue you for it. You still owe. Make the call to the States Attorney and see where you stand.
John, the Debt-addled Dude