The business of debt collection has become very lucrative and the collection of “old” debt is on the rise. It would be wise to know your rights when it comes to getting collection calls for old debt especially debt that is excess of seven years and no longer appears on your credit record.

1. Be aware of the statute of limitations in the state you live and in the state the debt was incurred if they are different. If it has expired, the collection agency will have limited legal options.
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Credit card debt and other personal debt is one of America’s most threatening dispositions. Millions of individuals every day are going further and further in to debt. Credit card companies and other debt collection business offer no remorse or help to those who have already spent their money. This causes a strange relationship between the ones the debt is owed to and the one that owes the debt.

For many of those there are only a few options. One of those options is just don’t pay. This is a problem because it means getting calls day after day from angry intimidating debt collectors and constant fear of repossession. Another way is to file bankruptcy. It means more expenses and horrible credit for long periods of time. You have to go to court for this and then you can not even thing about getting a credit card for about 10 years. Some also may decide to pay debt in the standard old fashioned way. One bill at a time. This is essentially the best way to do this. But what if those bills add up to be higher than your paycheck? How is this problem resolved? Debt consoladation may be the answer. (more…)