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Posts Tagged ‘statute of limitations’

Zombie Credit Card Debts

In Uncategorized on July 31, 2010 at 10:53 am

Did you know you can be sued on old credit card debt for 15 years? Even worse, every time you make a payment the 15 year time frame is extended. Some companies specialize in collecting old debts. They try to get people to make payments on debts that are more than 15 years old. The Federal Trade Commission recently issued a report recommending changes to the law. But for now, collectors will still try to collect on the debts. Even if the debts are so old th law will not allow them to sue you.