Credit Card Debt Reduction

With virtually everyone worried about credit card debt relief these days, more people than ever before are asking questions about the statutes of limitations regarding their own past debts, but many of these are not so easily answered. Even if you've learned the statutes surrounding your own home state's length of time for consumer debt liability, you might still wonder about when that duration starts. Would it be the due date of the first billing statement missed (presuming there would be an unbroken string of consecutive missed months without additional account activity)? Would it be after the credit bureaus recorded an account as three months late (there are only notations for thirty, sixty, or ninety day lates)? Would it be after the corporation that financed the credit card charged off the lingering debt for tax purposes? And what about if they've subsequently moved? Does that matter?

Honestly, if it's a collection agency that now has possession of the debt, there's an excellent chance that whoever's calling won't even know about that the loans are passed the statute of limitations. Considering the education of the average telemarketer, they may not necessarily know what the statute of limitations even means. In any event, it's a virtual certainty that they won't have any verifiable evidence about the date that the credit card debt went into default, and, if you have kept any records at all about your financial affairs, you will be able to convincingly demonstrate to the collection agency that sufficient time has passed for the loan to be thought defunct in the eyes of the law and the credit card debt reduction to be formally sanctioned. Were you sent any letters from the original lender about the closure of your account? Even an old billing statement that showed the first month's non payment could be utilized for that purpose.

Otherwise, so long as you are utterly positive beyond the shadow of a doubt that you no longer have the slightest culpability for the credit card debt, you may wish to contact the courts on your own and submit a suit which will force the financiers holding the defaulted loan at present to themselves provide documented evidence that their actions are not in clear violation of state statutes. This would, of course, require a certain amount of time and money on the part of borrowers who – busied with credit card reduction programs – have so little of either. For that matter, presuming that you might be worried about other debts hanging around which have not quite met the cut off time regarding the statute of limitations, you may well be worried about bringing any attention to matters of credit card debt elimination.

While we would still argue that it is simply a good idea to acquaint yourself with your legal rights in this regard, we would also note that an informed and articulate defense of such over the telephone – even the merest mention of a potential counter suit – will almost always be enough of a threat to scare away all but the most reckless collection agencies and force the credit card reduction to be permanent. If you can prove that the lawsuit's not proper under the guiding legislation for your own state, the lender would have to not only drop the attempt at judgment but also pay also relevant court costs for both parties, and few bill collectors would be willing to endure such a threat.