Posted on
July 29, 2009
at
8:40 pm
Hullo. I need help on my debt situation. I total $53k on all my credit card debts and I have just lost my job so I don;t know if I can still be able to pay them, at least anytime soon. i want to know, does credit card debt go away? and how long would it take? i really can't make any payments on it right at the moment and it might take long before i can get a job again. Peace
Posted on
July 30, 2009
at
12:22 am
Credit card debt does not go away on its own just like that. Simply ignoring it would actually lead you to more trouble--you will have to pay interest charges and late fees on top of the loan balance that you have. Another risk in not paying your debt is having bad marks on your credit report. Of course, if the debt becomes delinquent, you may also be contacted by debt collectors, and eventually, be taken to court by creditors. Fortunately you have options in taking care of these credit card debts of yours. You may either opt for debt consolidation or bankruptcy, to make your credit card debt go away. Although I'm personally not too inclined with the bankruptcy option, given that you still have other options available to make your debt go away.
Posted on
July 30, 2009
at
1:36 am
Doesn't the Statute of Limitations apply in this certain case? I think it does, thou I'm not entirely sure....
Posted on
July 30, 2009
at
2:17 am
The statute of limitations refers to the "expiration date" that a certain account has in terms of making payments to the lenders. It prevents them also from making collection attempts on that certain debt. When the SOL has run out, you will no longer be liable for that debt.
Posted on
July 31, 2009
at
2:32 am
The debt doesn't go away but should be paid along with other debts by the cardholder's estate before heirs get anything unless there is not enough money to pay everybody. The heirs are not responsible.
Free Credit Repair
Posted on
August 4, 2009
at
3:21 am
can i make it go away by moving abroad? call me crazy, but really, it's freaking stupid already.
Posted on
August 8, 2009
at
10:55 am
So yo are asking does credit card debt go away if you go abroad? The answer is no, you will still owe the money. Whether or not the statute of limitations on the debt has passed is another issue. Purple Cow- you are incorrect. When the statute expires the person is still liable for the debt, and collectors may still attempt to contact the person to try and collect. If it has passed, it means that the creditor/collector can no longer sue the person to try and collect the debt.
Posted on
August 8, 2009
at
2:59 pm
Steven is correct. Just because the statute of limitation has run out, you are still liable for the debt. I have a debt that I have been trying to get resolved for some time (an old Fingerhut account) however, the credit collection agency never acknowledged my letters of request for settlement. And this was over 5 years ago. It no longer appears on my credit report, but it still lingers in my mind. Bottom line is that debt will never go away until you have it a) paid off or b) settled.
Posted on
August 11, 2009
at
3:26 am
Does credit card debt go away when you (the debtor) die? YES...if you do not have a co-signer on that card and if you don't have an estate that can be sold to pay off your debts.
Posted on
August 11, 2009
at
3:37 am
Does credit card debt go away with bankruptcy? Yes if the case is discharged successfully. Also, if the consumer did not forget to include all his/her creditors in the mailing matrix. Otherwise, the forgotten creditors might still be able to collect on the consumer--and that's an example of a debt that won't go away.
