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Debt Consolidation Facts

1. If you spend more than 50% of your credit limit every month, this indicates to the Credit Bureau that you do NOT have enough cash on hand to meet your monthly expenses. This will identify you as a high credit risk and will actually reduce your credit score by 60 - 70 points overnight (Fair Isaac).

2. If you miss 1 or 2 payments on your credit card debt, the issuing company will skyrocket your interest rate to a whopping 27% - 30%!

3. Out of a random sample of 3 million American consumers (included in Experian's National Score Index), 51% of them have at least 2 credit cards and 14% of them have 10 or more credit cards.

Statute of Limitations for Secured & Unsecured Debt

Many consumers are in the dream that there is a statute of limitations on the debt they owe to banks & other creditors. However, the fact is that there is NO statute of limitations on unsecured debt. However, there is a limitation on the time creditors have to sue you and recover their losses.

You are obligated to pay any of these debts if you owe them:

  • Personal consumer loans
  • Unpaid tax liabilities
  • Underpayment of salaries, wages & royalties
  • Money owed to insurance companies
  • Credit card debt

If you owe any of this debt, it will be written on your credit report and you STILL owe the debt, no matter for how long the debtor has contacted you. For example, if you owe American Express $5000 and its been 3 years since they last contacted you, then the legal amount of time that Amex has to sue you is over. However, you still owe that $5000 debt and Amex has other means of recovering debt owed.

The # of years that debtors have to sue you and recover their losses varies from state to state. Furthermore, the rules & means of recovering these losses is different to each state. For example, some states allow debtors to recover property & other assets in return for debt owed while others don't. You should consult your attorney for any debts owed and what property can be confiscated from you, and what your legal rights are.

However note that you as a consumer also have the right for fair trial. If you believe you have been harassed by a debtor, you should file a complaint with the Federal Trade Commission. Their website is located at: www.ftc.gov

Debt Statute of Limitations by State

State Oral Written Promised
Alabama 6 6 6
Alaska 3 3 3
Arizona 3 6 6
Arkansas 3 5 5
California 2 4 4
Colorado 6 6 6
Connecticut 3 6 6
Delaware 3 3 6
DC 3 3 3
Florida 4 5 5
Georgia 4 6 6
Hawaii 6 6 6
Idaho 4 5 5
Illinois 5 10 10
Indiana 6 10 6
Iowa 5 10 10
Kansas 3 5 5
Kentucky 5 15 15
Louisiana 10 10 5
Maine 6 6 6
Massachusetts 3 3 3
Michigan 6 6 6
Minnesota 6 6 6
Mississippi 6 6 6
Missouri 3 3 3
Montana 5 10 10
Nebraska 5 8 8
Nevada 4 5 5
New Hampshire 4 6 6
New Jersey 3 3 3
New Mexico 6 6 6
New York 4 6 6
North Carolina 3 3 3
North Dakota 6 6 6
Ohio 6 15 15
Oklahoma 3 5 5
Oregon 6 6 6
Rhode Island 10 10 10
Pennsylvania 4 4 4
South Carolina 3 3 3
South Dakota 6 6 6
Tennessee 6 6 6
Texas 4 4 4
Utah 4 6 6
Vermont 6 6 6
Virginia 3 5 5
Washington 3 6 6
West Virginia 5 10 10
Wisconsin 6 6 6
Wyoming 8 10 10