Can You Remove Your Credit Card Debt Completely With the Statute of Limitations?

Do you believe that a person can remove his or her credit card debt by applying the statute of limitations? Seriously speaking, it can be done at no cost if a debtor fulfills the conditions set under the law. The principle is simple. Is your debt “old” enough to enable you to skip the repayment? If yes, congratulations! You can become debt free instantly.

If you have accumulated a big sum of outstanding balances on your credit card, it is time for you to consider applying this specific law to dig yourself out from the deep debt. Let me share with you the tips of removing your debt LEGALLY during financial crisis. There are two main requirements you need to fulfill if you want to get rid of this particular unsecured debt without paying any single cent from your pocket.

First thing first, you are advised to obtain the legal information related this law. In order to obtain reliable information, you are advised to contact your state attorney general to find out further details. In United States, every state has its own rules and regulations. You are required to find out the time frame set for the statute of limitations in the state you are living. Besides, you are reminded to get the credit card agreement which you have signed before. You must read through the content of the agreement before contacting your creditors. In normal circumstances, the court usually refers to the agreement before deciding the judgment.

Secondly, you need to start looking for evidence. You can’t simply contact your creditors to remove your debt without any proof. You need to show your creditors about your “aged” debt and let them know that the past due has expired according to the law. The best supporting documents are the card statements which listed your previous transactions and the receipts for your purchases. To be frank, you will definitely fail to get rid of your debt if you don’t have any written proof.

For people who are suffering from financial hardship, applying this law is indeed helpful because you can remove your financial burden without looking for extra fund. You need to accept the fact that not every credit card user is able to take advantage from the statute of limitations. Even there is a law which allows the debtors to remove the outstanding balances, it is not advisable to gain benefit in such a way because your credit will be affected. Being a responsible cardholder is the best.



Source by Jeslyn Jessy

Ben Wills

I am a professional finance expert and business lover.

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