Most people know that there are limitations set as to how far back a crime is punishable (except murder), but did you know there are similar statutes set on debt repayment?

Here is the list for all states and what their limits are according to debt type.

Remember that all knocks on your credit report go off after 7 years. So if you have carried debt for a long amount of time, without payment, and you are nearing the 7 year mark anyway, it may be best to save yourself the money and let it erase itself.

Of course I don’t recommend it, or carrying any unsecured debt for that matter, but there comes a time when it makes sense to just cut your losses.

And remember, debt collectors are like police officers, they like to prey on victims that are not familiar with their rights. Make sure you educate yourself on your rights before tangling with either…

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