Over the last couple of years, persistent inflation has caused the cost of consumer goods to soar, causing an increase in money issues for many Americans. And, the higher cost of necessities like gas, groceries and housing is happening at a time when interest rates are also high. So, relying on short-term borrowing options, like credit cards, to fill in the gaps between paychecks has become a riskier and more expensive proposition.
' While creditors can still attempt to collect the debt, they can't sue you for it. However, it's crucial to note that in some jurisdictions, making a payment or even acknowledging the debt can restart the statute of limitations clock.It's important to understand that while these two factors provide some protection after seven years, they don't erase the debt itself.
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