Ask Bill your personal finance question

Old Credit Card Debt and Collections

I have an old credit card debt and a collector is calling me. What can I do?

I have an old credit card debt from 2001 that was to be removed from my credit in December of 2009. I now found out that it was sold to a collection company last year. The collection company has added $350 to the original debt. Can they do this? What are my options?

Read full question
Bill's Answer
(5 Votes) | Find Learn Save

If an account has been or will be removed from your credit report this does not necessarily mean that you are no longer responsible for the debt. The first step you should take is to read about your rights and debt collection. The best place to start learning about your rights is by reading the Fair Debt Collection Practices Act. The next step would be to take a look the statute of limitations in your state regarding credit card debt. Most states have a statute of limitations of three to four years. However, there are states that have statute of limitations that can go beyond ten years. Your options are dependent upon which state you live in.

I encourage you to visit State Consumer Protection Laws and Exemptions to find out what the statute of limitations are for your state. If the debt has exceeded the statute of limitations in your state, this may mean that you are no longer responsible for paying off the debt.

I wrote an article providing detailed advice on what one should do if their accounts have gone into collections. I strongly encourage you to read my blog Collections Advice.

I hope this information helps you Find, Save, and Learn.



(5 Votes)

People also like to Read

Daniel Cohen

Credit Card Counseling | Credit card counseling has helped millions of people resolve their debt problems. Learn more about c... Read more >>

Betsalel Cohen

There are many ways to get debt help, and Bill has given advice on each one of them.... Read more >>

Mark Cappel

Learn all about credit card debt consolidation loans and find a reputable lender from - your source for saving mone... Read more >>

Daniel Cohen

Having an IRS tax lien or a State Tax Lien filed against you demands quick action. Free tips from ... Read more >>


1500 characters remaining