Is it true credit card companies wipe off the unpaid debt after 7 years?

And what happens to your credit after those 7 years? I owe about $600. 00 on a credit card, I am not saying I would not pay it, I am just asking

Responses:

The debt falls off your credit report in 7 years from the date of default. This is not the relevant time period though. There is a statute of limitations for credit card debt, which is the amount of time that they can successfully take legal action against you for the debt. This time period varies for each state. You can find this time period for your state by going to the link below and looking under "Open Accounts. " creditinfocenter.com / rebuild / statuteLimitations. shtml If the number of years since you defaulted on this account and stopped making payments on it is greater than the number listed for your state, then they can no longer defeat you in any court action because the debt is time - barred and you don?t have to pay it back. Technically, a debt collector can come after you forever for defaulted debt. however, once the statute of limitations is up. they have legally powerless to collect and all they can do is annoy you into paying
7 years is when it falls off your report after you pay it
no, I am pretty sure that they can not collect on that debt after seven years of zero activity. But seriously for 600 bucks. get a life and pay your debt. do you want your credit trashed for 600 dollars
In most cases yes

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