Do you have a lot of old credit card debts which you have accumulated for years? If yes, you may stand a chance of getting the “expired” debt removed by taking the advantage of the laws on statue of limitations. In United States, there is a statute of limitations on credit card debt.

If you have past due which is over a certain period of time, you do not have to deal with your creditors or debt collection agencies anymore. You will be able to eliminate your debt problems under the Fair Debt Laws and the Fair Credit Laws.

Can everyone get rid of the debt in such an easy manner? Don’t be too excited. There are many facts you need to know before you can take any further action. Not everyone is qualified under this statute of limitations. In general, each state has its own set of rules and regulations regarding this. The length for the statue of limitation can be 3-8 years, depending on the regulations set forth in the state you are living.

For instance, let say the duration set in your state is 7 years, if your credit card debt is more than 7-year old, you have the right to tell your creditor to remove your outstanding balances. You will not be sued for legal proceeding. In other words, your creditor cannot bring any legal action against you after the statute of limitations has passed.

You may be curious how the time frame is calculated. Basically, there are 2 ways of calculating the duration, for example:

1. the first time the card users fail to make payment on their accounts
2. the credit card company sends the demand letters to their debtors for full payment. However, if you need to know how the time frame is taken into account accurately, you are advised to refer to your credit card agreement. Besides, you need to bear in mind that in certain states, if you have made partial payment to your creditor before, the starting date for the statute of limitations will be reset. Hence, in order to play safe, you must refer to the rules and regulations set in your state.

In order to become debt free, you need to spend some time on getting proofs. You are required to prove that your debt is qualified under the statute of limitations. You need to get the receipts of your ORIGINAL purchases which can prove the exact dates you swiped your cards.

You can’t get your debt forgiven if you fail to provide these necessary supporting documents. If your creditors sue you and you fail to provide the evidence to the court that the statute of limitations has expired, you may have to lose the lawsuit and there might be a judgment against you.

Last but not the least; you must be clear that the statute of limitations and your credit score are totally different entities. Don’t mix them up. Even if the statute of limitations in your state is 3 years, the negative items on your credit file will not be removed. It will remain on your credit report for 7 years although your debt has expired.

If you are able to take advantage for not paying your debt, you are advised to put in hard effort to start rebuilding your credit rating.