Old Consumer Debt: When Is It Too Old To Collect?

Debt collectors often buy old consumer debt and aggressively try to collect it. Sometimes the debt collector will threaten to sue, or threaten to put the debt on your credit report. How valid is that warning? How do you know when debt is too old to collect? Liz Weston’s article in MSN Money explains that there are two limitations periods you should know about. First, the statute of limitations restricts the time in which a creditor can sue on a debt. In California, creditors must sue within four years to collect on promissory notes, contracts and credit card debt. If...

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