Is it really true that if you have $10,000 in credit card debt and decide to

AccountAnalyzer · #1 (**permalink**) 09-28-2007, 11:20 AM

not pay the money any longer because you know you don;t have it, does the debt really fall off your credit report after 7 years? I mean when I graduated college I have almost $10,000 in CC debt and decided to get rid of it and wait 7 or 8 years and then I applied for a new card and was approved and I'm thinking it was because of the 7 year thing. Does that really happen?

anonymous_saver · #2 (**permalink**) 09-28-2007, 11:41 AM

https://www.annualcreditreport.com/cra/index.jsp

Go here and get your free annual credit report from the 3 Credit companies. This would be a good place to start so you can see what your credit report says.

Plus statutes of limitations are different for different states, so maybe someone else has a good link for you on that part of the question.

momof1in150 · #3 (**permalink**) 09-28-2007, 12:03 PM

It falls off your credit report 7 years after the last date of activity. A credit card company can report to the credit bureau companies every month and it changes the date of your last activity. The older the debt the better your score.

DebbieL · #4 (**permalink**) 09-28-2007, 02:21 PM

Why would you just not pay your debt? Am I misunderstanding you here? You ignored a $10k debt and then just hope it is erased from your record? Seems very wrong to me. You spent the $10K right? Make arrangements to pay it back. I apologize if I've misunderstood your intention.

Ima saver · #5 (**permalink**) 09-28-2007, 02:22 PM

I was thinking the same thing, debbieL.

Tree0164 · #6 (**permalink**) 09-28-2007, 02:50 PM

Just shaking my head..... that is so wrong

loanstar · #7 (**permalink**) 09-29-2007, 12:26 PM

Quote:

Originally Posted by AccountAnalyzer

not pay the money any longer because you know you don;t have it, does the debt really fall off your credit report after 7 years? I mean when I graduated college I have almost $10,000 in CC debt and decided to get rid of it and wait 7 or 8 years and then I applied for a new card and was approved and I'm thinking it was because of the 7 year thing. Does that really happen?

You had the debt written off without declaring a bankruptcy? to me it seems too easy a let off.. be carefull one day the collectors might come knocking on your door..

AccountAnalyzer · #8 (**permalink**) 09-29-2007, 01:35 PM

Quote:

Originally Posted by DebbieL

Why would you just not pay your debt? Am I misunderstanding you here? You ignored a $10k debt and then just hope it is erased from your record? Seems very wrong to me. You spent the $10K right? Make arrangements to pay it back. I apologize if I've misunderstood your intention.

I was a college grad at 23 with no money so I couldn't pay it off at that time.

DebbieL · #9 (**permalink**) 10-01-2007, 09:22 AM

You should have been making some payments and paying it off as soon as able. There is no excuse to spend money and then ignore the debt in the hope it "vanishes". You still owe that debt IMO. Pay it.

AccountAnalyzer · #10 (**permalink**) 10-01-2007, 04:19 PM

Quote:

Originally Posted by DebbieL

You should have been making some payments and paying it off as soon as able. There is no excuse to spend money and then ignore the debt in the hope it "vanishes". You still owe that debt IMO. Pay it.

Pay it with what?

Aleta · #11 (**permalink**) 10-01-2007, 04:37 PM

It has been a new issue that there are companies that are buying debt from other companies, so the 7 year rule doesn't seem to exist anymore. If this is true, it is wrong. Does anyone have any information about what I just said?

DebbieL · #12 (**permalink**) 10-01-2007, 05:07 PM

In your other thread you say you are working and building up an emergency fund. You should be paying off this debt too. Just because it happened in the past doesn't mean it doesn't count. That is stealing. You spent the money, now it's time (past time actually) for you to think about growing up a little and paying it back. I know that's not the fun thing, but it is the morally correct thing to do. Would you mind if someone borrowed $10K from you 7 years ago and just decided it doesn't count anymore?

AccountAnalyzer · #13 (**permalink**) 10-01-2007, 05:20 PM

Quote:

Originally Posted by DebbieL

In your other thread you say you are working and building up an emergency fund. You should be paying off this debt too. Just because it happened in the past doesn't mean it doesn't count. That is stealing. You spent the money, now it's time (past time actually) for you to think about growing up a little and paying it back. I know that's not the fun thing, but it is the morally correct thing to do. Would you mind if someone borrowed $10K from you 7 years ago and just decided it doesn't count anymore?

I have a new life now, back when I charged that 10K I was young, dumb, and didn't have much income. Now I'm a older and more responsible guy with two bank accounts and only worrying about my currebnt $1300 debt which has been cut to $500 and soon it will be zero. I don't live in the past, I have to move on

InDebtInDC · #14 (**permalink**) 10-01-2007, 06:10 PM

Quote:

Originally Posted by AccountAnalyzer

I have a new life now, back when I charged that 10K I was young, dumb, and didn't have much income. Now I'm a older and more responsible guy with two bank accounts and only worrying about my currebnt $1300 debt which has been cut to $500 and soon it will be zero. I don't live in the past, I have to move on

Are you saying that people should not be responsible for their action in the past?

AccountAnalyzer · #15 (**permalink**) 10-01-2007, 07:04 PM

Quote:

Originally Posted by InDebtInDC

Are you saying that people should not be responsible for their action in the past?

If someone did something silly at 18 and can't do anything about it at 32 then yes. That was a debt i had in college, i was immature then and didn't spend wisely. I can't do anything about that now because where would I get $10K???

InDebtInDC · #16 (**permalink**) 10-01-2007, 07:19 PM

Quote:

Originally Posted by AccountAnalyzer

If someone did something silly at 18 and can't do anything about it at 32 then yes. That was a debt i had in college, i was immature then and didn't spend wisely. I can't do anything about that now because where would I get $10K???

18 is the age of consent in most states.

According to your reasoning, an 18 year old person commits murder, manages to evade the law until 32, and since there's nothing anyone can do to bring the dead person back now, the murderer should be set free.

I will not pass judgement on you. I just wanted to understand your rationale. I will advise you not to tell anyone what you did unless you're ready to see the reaction.

AccountAnalyzer · #17 (**permalink**) 10-01-2007, 07:21 PM

Quote:

Originally Posted by InDebtInDC

18 is the age of consent in most states.

I will not pass judgement on you, but I will advise you not to tell anyone what you did unless you're ready to see the reaction.

Well like I said if you don't have a job you can't pay off a debt. Plain and simple

Mistawho · #18 (**permalink**) 10-01-2007, 09:41 PM

Quote:

Originally Posted by AccountAnalyzer

Well like I said if you don't have a job you can't pay off a debt. Plain and simple

I have been reading this post and other post you have posted.... I don't understand the way your mind works. You still have issues in your life it seems. The way you think is terrible.... this is coming from someone who is younger then you.... probably smarter too.

Mistawho · #19 (**permalink**) 10-02-2007, 06:30 AM

Quote:

Originally Posted by AccountAnalyzer

Well like I said if you don't have a job you can't pay off a debt. Plain and simple

Also, debts/negative marks stay on your credit indefinitely. If paid, it will stay on your credit report for 7 years.

Thanks!

Scanner · #20 (**permalink**) 10-02-2007, 06:51 AM

I'd imagine filing for bankrupcty and being awarded bankruptcy is the only way to stop the creditors from keeping to pursue you.

Bankruptcy discharges the debt (from the way I understand it).

If you haven't filed, then I agree with the other posters. . .this debt may continue to haunt you as it should.

I was young and stupid too at one time; I assume we all were.

That's not necessarily a "Get Out of Paying Your Debt" card.

Being in business myself, I can sort of understand if I only did business with Americans who had good credit, I'd be out of business. Americans have a sense of entitlement to wealth. . .just look at President Billiary Clinton's proposal we send every child a $5000 bond.

So. . .you are the type of person that will always be able to probably get some form of credit.

The question is. . .how good of credit will you get? Given your history. . .probably not that good. You'll pay a premium on any loans you receive, as you should (you are an obvious risk).

With the sub-prime debacle, there may be a backlash in tightening credit. It used to be that a bank couldn't loan you money for a mortgage if you had outstanding debts on your credit history. I know with the sub-prime debacle, that sort of "sentiment" seems a little backwards and so "50's-ish."

However, you may see a coming backlash in these years as banks/lender turn back towards more traditional values on who they loan money to (as opposed to anyone with a pulse).

In short, I'd pay it as every adult here knows that good credit and borrowing plays a place in building wealth.

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