Do you still have to pay a credit card debt after seven years?

Old CC Debts

Unless there are some unusual circumstances, the answer would be a resounding YES.

You might be confusing this issue with the amount of time some credit problems stay on your credit record.

Here is more input and advice:

• Why wouldn't you? It's your debt and it's your responsibility to pay it back.

• Why would you? If it has been 7 years it will fall off your credit report, if you pay it now it will be on the credit report for another 7 years as a paid collection account.

• Paying an old collection account will not extend the reporting period for another 7 years. This is a fallacy and is completely incorrect. The Fair Credit Reporting Act establishes time limits for how long derogatory information can be displayed on you credit. You can read the text for yourself by following links at www.ftc.gov

• A charge off or other debt being expunged from a credit report does not make the debt invalid or uncollectible. States set SOL's pertaining to open accounts, verbal and written contracts and so forth. The expiration of the state SOL for credit card debt simply means that the creditor cannot file a lawsuit. Statutes of Limitations are subject to interpretation by the presiding judge and other circumstances, for example if the debtor paid even a token amount on a debt the SOL could be invalid. If sued it is the debtor/defendant's responsibility to envoke the SOL expiration as a defense, it is not automatically granted.

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