How long are you liable for credit card debt?

four years
A statute of limitations is a law that tells you how long someone has to sue you. In California, most credit card companies and their debt collectors have only four years to do so. Once that period elapses, the credit card company or collector loses its right to file a lawsuit against you.

Can a person under 18 be responsible for a debt?

If you’re under 18 you can only be responsible for a debt if it’s for something you need day-to-day. This could include a mobile phone contract, clothes or food. If you’re under 18 and not sure if you’re liable for a debt, contact your nearest Citizens Advice.

What happens to seniors credit card debt as they age?

Paying off high interest debts such as credit cards will likely be impossible. As seniors age further, the debt crisis can only get worse. Medical costs for seniors will continue to rise as they age, and illnesses associated with old age may make it difficult or impossible to keep working.

Can a debt collector come after me for 20 year old debt?

There are two exceptions. A debt collector can contact you to confirm there will be no more contact or to inform you of a specific action, such as filing a lawsuit. In your case, the debt collector can’t do the latter. If for some reason you decide to pay the debt, make sure you pay it in full or settle the debt for an agreed amount.

Do you have to pay your credit card if you are under 21?

Federal lawmakers didn’t want young consumers to accumulate mountains of debt, so they passed the CARD Act of 2009. The CARD Act also stipulates that if you’re under 21, you must prove your ability to pay your card bill. You can report income that you earn on your own,…

What’s the best age to get out of debt?

Credit card debt is the next main source of debt, followed by education and auto loans. Some financial experts, like Kevin O’Leary, assert that you should be debt-free by age 45, which he considers middle age.

Is there Statute of limitations on credit card debt?

Most statutes of limitations fall in the three-to-six year range, although in some jurisdictions they may extend for longer depending on the type of debt. State law named in your credit agreement.

What happens when a credit card debt is too old?

Finally, if a creditor files a lawsuit when your debt is time-barred, remember that you must take action to have the courts throw it out. If you don’t prove that the debt is too old, the creditor will likely win his case. This can all get a bit confusing at times, especially when you have debt collectors breathing down your neck.