The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
  • Books
  • Categories
  • Coaching
  • Book Lynnette
  • Money Coach University™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • Submit an Article
No Result
View All Result
The Money Coach
No Result
View All Result

Some Old Debts Are Best Left in the Past

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Credit Cards
Reading Time: 2 mins read
old debts
7
SHARES
114
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Q: I opened A credit card account back in college in the year 2000. I have never paid it off the amount I owed. Should I pay it or not?

A: If the credit card is still open, then by all means pay if off if you can.

But I think your question is referring to an account that you had a decade ago that went delinquent because you never paid it at all.

If that’s the case, my advice to anyone in this situation is this: if you can afford to pay a debt, then go ahead and do it. That’s the right thing to do because you did, after all, go out and make the charges.

No one forced you or put a gun to your head to make you spend on that credit card. Also, you will learn a good financial lesson in honoring your obligations. But in other instances, especially in this tough economy, certain old debts are best left in the past.

Some Old Debts Are Best Left in the Past

If you are cash strapped and really don’t have the money, or it would be a big financial burden to pay that old debt, then from a credit management standpoint, you should probably just let that old debt stay in the past.

Negative information, such as a late payment or collection account, can stay on your credit report for seven years from the date of last activity.

So if you last used or paid that card in, say, the year 2003, then in 2010 it will fall off of your credit report.

Also, you should know the statute of limitations for credit card debts in your state.

They can be anywhere from 3 to 10 years. Once the statute of limitations expires, a creditor can’t sue your, try to garnish wages or get a judgment against you for non-payment.

Tags: statute of limitations
Previous Post

How Can I Get Rid of $15,000 in Debt and Improve My Credit?

Next Post

How Do I Obtain Credit So I Can Use It Wisely To Increase My Credit Scores?

Lynnette Khalfani-Cox, The Money Coach

Lynnette Khalfani-Cox, The Money Coach

Lynnette Khalfani-Cox, The Money Coach, is a renowned financial expert, author, speaker, and media personality, empowering people to achieve financial success.

Related Posts

Photo of the American express credit card and coffee cup

Top Benefits of an American Express Credit Card

by AskTheMoneyCoach

Discover the unparalleled benefits and exclusive access that come with owning an American Express credit card. Learn more now!

Visa credit card sitting on top of laptop computer.

Secrets to Selecting the Best Credit Cards

by AskTheMoneyCoach

Discover the top secrets for choosing the best credit cards to maximize rewards, benefits, and financial security for your personal spending habits.

financial anxiety

How to Deal with Financial Anxiety Now

by Lynnette Khalfani-Cox, The Money Coach

Here are five situations that might cause you to suffer from financial anxiety. Credit card bills to pay. Student loans outstanding. A big mortgage or car note. Sky-high medical bills. Family members that seem to always need loans or cash gifts. Does any of this seem familiar?  First, understand that you're...

AskTheMoneyCoach

The Split-Second Shopping Decision That Could Save You Hundreds of Dollars

by Lynnette Khalfani-Cox, The Money Coach

I have a financial confession to make. Even though I had $100,000 in credit card debt back in the early 2000s, I still use credit cards a lot, for everything from online shopping and utility payments to gas for my car and meal-delivery services. Why would someone with a history...

pay credit card balance in full

3 Items to Buy With a Credit Card During COVID-19

by Lynnette Khalfani-Cox, The Money Coach

Uncertain if you should spend cash or use a credit card during the COVID-19 pandemic? Here are 3 items you should buy with a credit card.

coronavirus credit card debt

Coronavirus and Credit Card Debt: What Lenders Want You to Know and Do During COVID-19

by Lynnette Khalfani-Cox, The Money Coach

If the coronavirus outbreak has affected your income – through a COVID-19 layoff or reduced work hours – paying your credit card debt and other bills may be a struggle. Most Americans have housing payments (either a mortgage or rent), plus obligations like car notes, student loans, insurance and utilities...

Rewards credit cards holiday spending strategy

5 Strategies for Using Rewards Credit Cards When Holiday Shopping

by Guest Blogger

While the goal is to avoid racking up debt, you can use rewards credit cards to your advantage during the holiday season. With some intentional thought and strategy, these cards can help you spend wisely and take advantage of a variety of perks during this time of year.  However, there...

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1534 shares
    Share 614 Tweet 384
  • What to Do if Your Spouse Stole Money From You

    1316 shares
    Share 526 Tweet 329
  • What to Do If You Can’t Afford to Leave Your Spouse

    1283 shares
    Share 513 Tweet 321
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    1134 shares
    Share 453 Tweet 283
  • What Do All Those Strange Codes In My Credit Report Mean?

    904 shares
    Share 362 Tweet 226
  • Which Credit Report is More Important: Equifax, Experian or TransUnion?

    876 shares
    Share 350 Tweet 219
  • Do This Now If Your Wages Were Not Reported

    857 shares
    Share 342 Tweet 214

Categories

  • Bankruptcy
  • Budgeting
  • Building Wealth
  • Careers
  • Couples and Money
  • Coupons and Deals
  • Covid-19
  • Covid-19 Video
  • Credit Cards
  • Credit Reports
  • Credit Scores
  • Crypto
  • Debt
  • Entrepreneurship
  • Family Finances
  • Featured
  • Identity Theft
  • Insurance
  • Investing
  • Loans
  • Paying for College
  • Personal Finance
  • Press Releases
  • Real Estate
  • Retirement
  • Saving Money
  • Scams
  • Student Loans
  • Taxes
  • Uncategorized

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Book Lynnette
  • Money Coach University™
  • Home
  • Subscribe to Newsletter
  • Submit an Article

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist