Most of the debtors are grateful to the laws on statute of limitations because they can get rid of their “aged” debts without paying anything from their pocket. It seems to be great because this can also apply to credit card debt. If a person has a lot of old outstanding balances, he or she stands a high chance to remove the debts without obtaining any financial solution.

However, not everyone can take the advantage of doing so. For your information, in United States, the statute of limitations varies widely from one state to another. The key determinants are the place where you acquire the debt and the types of accounts you own.

There are some essential tips I would like to share with you if you intend to apply this law for your debt issues:

Tip No. 1: Check with state attorney general

For people who are not familiar with the law, I strongly recommend you to look for your state attorney general to confirm the details of the statute of limitations. You must compile sufficient legal information before you can contact your creditors to remove your outstanding balances.

It is a must for you to find out the time frame set for the statute of limitations in the particular state you are living. In general, each state has set different durations and in some circumstances, the court follows the content of the credit card agreements. You can only “enjoy” the benefits of this law if your past due has expired.

Tip No. 2: Obtain proof

To be frank, you can’t gain any advantage from this law if you don’t have strong evidence. In order to get rid of your credit card debt, you need to prove the date of your purchase. Do you still keep the receipts of your previous purchases? If you don’t have the receipts, can you show the card statements which listed your transactions?

For instance, if the time frame set under the statute of limitations is 4 years and you can prove your credit card statements 5 years back, then you can straight away remove your debts using this law. What if you fail to provide any written proof? I would only say sorry because you will not be able to gain anything from this law.

Tip No. 3: Figure out the types of debt you have

You need to bear in mind that not all types of debt are regulated under this law. The following payments such as income taxes, child support payment, federal student loans, legal fines, etc. do not fall under this category. You still have to bear the financial obligations if you have such debts. You will only become debt free after you have cleared off the payment.

As a conclusion, don’t be too happy when someone tells you that you can escape from debt by applying the statute of limitations. Checking your eligibility will be the first thing you must do. Wish you best of luck!