Well, you do. But there is only so long a debt collection agency can hassle you. You need to see what your state's statute of limitations is on debt collection. Every state has a time when the clock starts running on the statute of limitations on your passed due credit card debt. This time frame begins starting with the date you failed to make a payment that was due, as long as you never make another payment on that credit card account. The best way to determine when the statute starts against your debt is to get a copy of your credit report. It shows the dates you were late and when it was reported by your creditors. So if your states statute of limitations is say five years, and your last payment was April 24, 2004, then on April 24, 2009 your statue of limitations on the debt would have run out. That is assuming you haven't made another payment on that account. Also, be aware that the statute of limitations applies to different types of debt. The statute of limitations is different on credit cards, mortgages, car loans, or personal loans. Another thing to consider is if you actually make a payment to a collection agency or even tell them you are going to make a payment your statue of limitations may start all over again.
To find statutes of limitations in your state visit fair-debt-collection.com
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