Debt Free Destiny

Did you know that debt collectors have a limited amount of time to collect on old debt?  There is a Statute of Limitations (SOL) that varies by state that dictates the length of time a collection agency can legally take action to collect a debt.  So if you have an older debt that has not been cleared from your credit report or are being hounded by debt collectors for a debt that you thought was written of several years ago, what should you do? 

First you need to understand that each state has its own SOL that may vary based on the following categories:  open accounts, written contracts, oral agreements, and promissory notes.  Credit card debt is usually considered an open account. 

Congratulations! You have struggled through living in debt and after years of hard work and sacrifice you are this close to becoming debt free. What many people don’t realize as they scrimp and scrape to dig out of that deep hole of debt is that once you achieve your goal, the world does in fact keep turning.

Do you cringe as the phone rings for the sixth time in three hours and you look at the caller ID recognizing it is a debt collector calling….again? If you have fallen on hard times and are behind on paying some bills, you may face this situation, over and over again. A debt collector is being paid to collect debt, and often times will use whatever methods considered necessary to get results. In many cases a person doesn’t simply choose to stop paying their bills; instead they don’t have the money to pay them. What are your rights if you are suffering a financial hardship and cannot stretch your paycheck far enough to satisfy all your creditors?

While the credit crisis is crippling many businesses, there are a few that are booming right now.

Debt consolidation, credit card counseling, and even some banks are cashing in on consumers who have been fighting a losing battle trying to keep up with repayment of their debt.