Should I Pay Off Old Credit Card Debt?

Should I Pay Off Old Credit Card Debt?

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[BadMannerKorea]

"Late payments remain on the credit report for seven years. The seven-year rule is based on when the delinquency occurred."--Experian

[YcMdattGUY]

I paid off my credit card debt ($2170) and my score went up 97 points

[nick_jacob]

He's wrong about the 7 years thing. It comes off after 7 years. When I was 18 I ran 2 cards up and lost my job. They went to collections. Now they're gone off my credit. They were 800 and 300 dollar cards. I just never paid it. I was young and stupid at the time. But yeah, it does come off as long as you don't touch it for 7 years then they legally have to remove it from your credit score.

[ComicCulture]

I love the combination of video title and thumbnail facial expression... Lol

[yerxiong]

I just paid off my credit card with a big chunk of my savings but I'm no longer in debit .now I can really save money .

[theycallme_g]

This is misleading! The creditors updating your account or adding information does not start your 7 years over.

[JH-hyhx]

Omg that is TERRIBLE initial advice, the actions of the lender do not restart that statute of limitations on debt.

[pastorchucktalks]

Incorrect- Most debts cannot be collected on after 7 years of delinquency in US. Paying them any amount money restarts the 7 years. Transferring the debt owner does not restart the 7 years. If you don't pay them, their only is option is to sue you. If they decide to sue, they'll win and your wages will be garnished until it's repaid. However, it is not cost effective for debt holding companies to sue unless they believe you'll have funds to pay them back.

[kingbeachlife]

Wrong on the 7 years where if they sell it to someone else the 7 yr clock restarts. That's a no. They could run that game for 70 years. I think where he is getting mixed up is if you after say 4 years start making payments and then stop again, then your clock is reset.

[barryumiami]

You are misinformed, and wrong about the credit reporting. The seven years begins from the original statement date of the first statement. You are not an attorney. I had to deal with this years ago, and spoke with my bankruptcy and debt collections attorney. The only time your account will be updated is if you make a payment on it.

[mind.health]

We are accustomed to debt. The goal is for us to change our way of thinking away from using credit. Pay it off (be responsible and own your fault) and promise yourself never to make the same mistake. No debt means you control your money and destiny. Love,

[lmelior]

There are two aspects to deliquent debt: credit reporting, and the statute of limitations. Unpaid debt may be reported against you for 7 years (starting from 180 days after the debt first became delinquent), but the statute of limitations for credit card debt, which is the time that the creditor has to obtain a judgment against you, varies by state. In places like Maryland or the Carolinas, it's only three years. In Kentucky and Ohio, it's 15 years! Most other states are in the middle. Once the statute of limitations has passed, the debt is considered "time-barred." You still owe that debt and they can try to collect on it, and even try to sue you (people file frivolous lawsuits all the time), but they don't have legal grounds to obtain a judgment or garnish wages. There are a couple ways to "restart the clock" - making a partial payment or admitting it's yours - but, as other commenters have said, the collection agency selling the debt is not one of them.

[kevinkidneyy]

Leave it in collections. Pandemic here keep all your cash

[Lonewolf_]

I had debt in collections before, I settled it and it still stayed on my report. The only thing is they updated the account to settled so what was the point of paying it?

[jeffchancey]

Anthony isn't qualified enough to answer this question and be behind this mic... in my opinion

[christofl]

No, no, no, no, no!!! You NEVER pay a collection

[insideoutsideupsidedown]

Sounds like someone wants permission to not pay in full.

[rajrai]

“Live like no one else so that later you can LIVE & GIVE like no one else” DR

[CaseyBurnsInvesting]

One person debt it’s another person’s income. Pay your debts. It’s the principle.

[JazzyMarineVet]

Your statement that the debt does not fall off after 7 years is inaccurate. If that was the case, a debt could be literally recycled for 50 years. You may want to review the Fair Debt Collection Act and make a correction in this video.