Old Debts Haunting You?

It is a known fact that debt collectors can purchase old debts for pennys and attempt to collect on them. For this reason it is wise to knows the laws of your state as far as limitations on delinquent debt. Once a debt passes that date, nobody can try to collect on it. You can find out the law for your state by contacting the Attorney Generals’ office.
If you happen to get a call for a debt that you know is out-dated, then just hang up the phone, they have no grounds to stand on. You do not have to speak with anyone but if they continue, write a letter to that agency about the calls.
The decision to pay or not is certainly up to you. You should be aware that if you make just one payment toward an out-dated debt, then it will reactivate it and you must then continue to pay it. The statute of limitations will begin again from that date and that debt will be reported to the credit agency for up to seven years. This is not true for every state, check to see what the law is where you live.