YES Debt does have an expiration date as explained clearly in the statute of limitations debt laws in the fair debt collection act! However, many creditors and/or businesses will pass your debt from one debt collector to another in order to put fresh eyes on the case. A debt that you had ten years ago could resurface and a new collector could step out of the shadows and attempt to collect it.
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How do the statute of limitations apply to your debt? When it comes to your credit and debt owed, you may receive a threatening letter in the mail, that informs you of a debt from your past that has not received payment. The letter may state that the collector is now going to take legal action against you and file suit if the debt is not paid.
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