debt

6 ways not to reset the clock on old debt

Debt can turn into zombie debt
Next
Slide 1 of 7
Debt can turn into zombie debt

What do debt and milk have in common? An expiration date.

Even if you've cried over spilled milk, chances are you haven't shed too many tears over expired debt. Yet unlike the milk in your fridge, you can accidentally revive old debt.

While state laws limit the amount of time debt collectors can chase you to pay debts or force collections through judgments and garnishments, some consumer mistakes can restart that clock.

Among them: acknowledging a debt, making a partial payment or ignoring a notice that a creditor is about to sue on an old debt.

Don't want to feel the bite of zombie debt? Here are six tips you need to know.


Next
Slide 1 of 7

 

 

 

advertisement

Show Bankrate's community sharing policy
          Connect with us
advertisement
CREDIT CARDS WEEKLY NEWSLETTER
Credit cards on a table

Get advice for managing credit cards, building your credit history and improving your credit score. Delivered weekly.

Debt Adviser

Pay off $50K card debt fast?

Dear Debt Adviser, I have a debt of $50,000 from balance transfers and credit line accounts. If I were to pay just the minimum due every month (which is what I can afford now) how long will it take to clear including... Read more

advertisement
Partner Center
advertisement

Connect with us