In many states, debt collectors lose the right to sue consumers after a period of anywhere from 3 to 5 years. However, if a consumer makes a payment - regardless of whether they do so intentionally or otherwise - it restarts the clock on debt collection and allows debt collectors to "get around" the statute of limitations on collecting old debt. To illustrate how it can happen, consider someone who falls hopelessly behind on a store credit card. As the years tick by, the consumer may believe … [Read more...]
Archives for August 2019
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Americans In Over Their Heads Trying to Stay in the Middle
While some believe that middle class is defined by economic resources, others say it is a state of mind revealed through behavior, cultural tastes, or certain kinds of consumption. Whatever your take, staying in the middle class is getting more expensive and financial stress is running high across the nation. As cars, homes and healthcare skyrocket, wages have remained stagnant. But, that hasn't stopped consumers from piling on more debt. According to a recent Wall Street Journal article, … [Read more...]
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