Can a 7-year-old credit card debt still be collected?

Many people are struggling to pay off high levels of credit card debt, with the average cardholder owing nearly $8,000. Missing credit card payments can have immediate consequences, such as a decrease in credit score and extra fees. The statute of limitations varies by state for collecting old debts, typically ranging from three to 10 years. Once a debt becomes “time-barred,” creditors lose the right to sue for payment, but can still attempt informal collections. It’s important to confirm the statute of limitations before taking any action on old debt to avoid resetting the clock. Options for dealing with old credit card debt include confirming the debt’s status, debt settlement, debt management, and debt consolidation. Understanding your rights and exploring these options can help you manage your debt effectively and achieve greater financial peace of mind.