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Hullo :cry:
I need help on my debt situation. I have total $45k on all my credit card debts :shock: and I have just lost my job so I don't know if I can still be able to pay them. What I want to know is, does credit card debt go away? and how long would it take? i really can't make any payments on it right at the moment and it might take long before i can get a job again.
Please help :(
credit card debt
Hi Clinttun,
You will have to pay off the credit card debt so that the debt goes off. Credit card debt cannot go away as such. You will haver to try and manage all your accounts, and budget so that you can make payments on the cards. Can I know how many cards you have, and what is your outstanding debt amount?
Thanks,
Aaron
I am not sure where you think debt will go away to. if you are talking about your credit report, bad marks will stay for 7 years. if they sue you for a judgment, then it can be renewed every 5-10 years and stay on your credit report forever. depending on the laws of your state the statute of limitations on filing a lawsuit on credit card debt is 3-6 years approx. if you leave the country (or some states) the debt can toll meaning this statute of limitations would freeze indefinitely. even if debt is not reportable on your credit or outside the statute of limitations they can still try to collect the money.
insurance
On SOME CC's, you have that 'protection' on them....a 'hardship' thing (if you lose your job or become Disabled, the CC company makes so many payments for you). You might call the companies up and see if you have this kind of coverage on them. I would exlain the circumstances to each one of them, too. See what you can work out with them, etc. This 'approach' worked with a few of my CC's.