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Plan Well, Retire Well

Saving and investing your money

Can making a payment on an old debt be a mistake?

To follow up on my previous post, Does Old Debt Go Away?, I wanted to let you know about a very informative article on the Federal Trade Commission's website. If you're trying to decide whether you should pay off older debt, I strongly encourage you to read this item, titled Time-Barred Debts: Understanding Your Rights When It Comes to Old Debts.

It outlines what you should do if a debt collector contacts you about a debt you believe is older than your state's statute of limitations. And it addresses the things to consider when deciding whether to leave an old debt unpaid, make a payment, or pay it in full.

This is a question that often comes up in my workshops, and I'm glad to have found a reliable source that does a good job discussing the issue.

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