How long can creditors chase debt?
Dear Debt Adviser: How long can a collection agency collect on credit card debt that is more than seven years old? In my state, the statute of limitations on such debt is four years. How can I stop collectors from contacting me, and what are the repercussions on my part if I succeed? Can they keep hitting my credit? — Lupe Dear Lupe: Until a bill is paid, it is in play, and you may hear from someone trying to collect it. The Fair Debt Collection Practices Act contains federal rules for conduct and processes relating to collections. You can find helpful tips and a copy of the law at the Federal Trade Commission’s Web site. States have rules too. So while one answer doesn’t fit all, I’ll offer general guidelines, along with my own view. When you owe a bill and don’t pay it, the law gives a creditor certain options. These legal remedies include sending a bill to a collector, selling the debt to another company, taking you to court so you’ll be ordered to pay, garnisheeing wages and placi
