Thought criminal
New member
I have this credit card debt that I acquired back in 2007, I was in a tight spot for a while, but by the time I was actually able to start taking care of debts it had acquired so much interest (it was my first credit card, really high interest rate) that I wasn't able to make minimum payments and certainly not enough to settle. I got the credit card in NJ, but moved to PA. Now I live in California. Which statute will apply to me? Both CA and PA are 4 years but NJ is 6.
Also, if it turns out that this debt is time-barred, will the creditor be willing to settle for a lot less? My friends have been telling me that they got creditors to settle for 5 payments of $100 on a $2000 debt, and $200 on a $3000 debt. I really just want to take care of this now, I want to be responsible, but there's no way I'm ever going to just stumble upon $1,800 (which was the smallest amount the creditor was willing to settle, in 2 payments) I have to pay rent and bills!
Sorry, I forgot to clarify that I moved to PA almost right after I got the credit card and the debt comes from money I spent there.
That is really helpful info Catdad! I'm glad I asked. But if it's not going to do anything for my credit, what should I do? Should I just wait 2 more years until the credit reporting limit is reached?
Also, if it turns out that this debt is time-barred, will the creditor be willing to settle for a lot less? My friends have been telling me that they got creditors to settle for 5 payments of $100 on a $2000 debt, and $200 on a $3000 debt. I really just want to take care of this now, I want to be responsible, but there's no way I'm ever going to just stumble upon $1,800 (which was the smallest amount the creditor was willing to settle, in 2 payments) I have to pay rent and bills!
Sorry, I forgot to clarify that I moved to PA almost right after I got the credit card and the debt comes from money I spent there.
That is really helpful info Catdad! I'm glad I asked. But if it's not going to do anything for my credit, what should I do? Should I just wait 2 more years until the credit reporting limit is reached?