Expert: Kathleen Eads - 4/25/2006

Question
I live in Arkansas and I think I remember that the statue of limitation for old  debts recently change to one year in Arkansas.  Do you know or do you know where I can find this info?  However, most of my debtis at least 6 years old anyway, so I was wondering if this is something I still owe, on my credit report it is listed as a charge off. what do I do?  pay it?  not worry? I am back in school presently and not working, these creditors keep calling because I updated my credit report and they have my new information, what do I do?

Answer
Depends on what type of debt it was.  I have included the link below for more information.

http://www.cardreport.com/laws/statute-of-limitations.html

Technically, a creditor can attempt to collect a debt forever.  They only have legal recourse until the statute expires.  

If the statute has expired, it becomes a moral and ethical question as to whether or not you feel obligated to pay.  If your bureau is corrected and your credit is good with or without this, you may opt to not pay it.  It's really up to you!

Kathleen Crabtree