How long do credit card companies and banks pursue bad debts?

If you owe a debt and it's valid and you have the financial means to pay the debt, then it is your duty to do so. However, at some point in time, and for many reasons, many of us encounter financial difficulties. When financial disaster strikes, we need help which is why we have laws such as the statute of limitations, bankruptcy and many other debt and credit protections laws.

The Statute of Limitations on debt depends on the type of debt and your area's civil debt collection codes. Generally, unsecured debt expires 3 to 6 years after the last missed payment or the consumer's last activity on the account. While the statute of limitations (SoL) is running or even after it's expired, making ANY payment or signing a promissory note can reset or restart (depends on your state law) the statute of limitations.

Always ensure the debt is valid, and then check your state laws to see if the debt has a statute of limitations BEFORE taking any other action such as making a payment or signing an agreement to make payments. Many people believe the statute of limitations for credit reporting (7 to 10 years) is the same as the statute of limitations for enforcing debts! They are not the same.My advice would be to check into obtaining the services of a fair debt lawyer or a fair credit attorney.

These services might be available for your friend at little or no cost.

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