as long as it remains a part of your credit report, 7 years.
Bankruptcy would be more credit damaging than just having large credit card debt, mainly because it stays on your credit report for longer. One of the biggest disadvantages of filing for bankruptcy is the lasting effect it has on your credit report- typically staying on your report for 7-10 years. With credit card debt there are more flexible options and obviously when you pay the debt and does not stay on your report for as long.
Unpaid debt can remain on your credit report for 7 years. If you have a bankruptcy this can remain on your credit report for 10 years.
An account is no longer reported after a period of 7 years of inactivity in the USA; 6 years in Canada.
Most of the time cancellation of debt will remain on your credit report for seven years. If the cancellation of debt is associated with a bankruptcy, it may take 10 years.
If your vehicle is already up for repossession, it is already on your credit report as a delinquent or defaulted debt.
7 to 11 years depending on debt to earning ratio
Yes. Even though the chargeoff line item should come off of the credit report in seven years, the credit card company may attempt to collect their debt for as long as they wish (assuming no fair credit collection laws are broken in the process).
7 years from the DOFD
Yes it can be removed from your credit report but it is long process. You have to prove your case and supply documentation. Sometimes the credit card companies are slow or unwilling to respond and you may even need to engage an attorney.
A consumer's responsibility for a debt is a separate issue than credit reporting. If you owed a debt 5 or 6 years ago, and never paid it, you still owe it. There is a statute of limitations for how long a debt can be collected, another for how long a consumer can be sued over a debt and another for how long a debt can show on your credit report.
Forever, since it looks good on your report.
A debt will stay on your credit report for seven years after the date that you were originally delinquent on the account. After seven years, this debt is taken off of the account.
In the majority of situations, bad credit items are supposed to fall off your credit report after 7 years, HOWEVER, this doesn't always happen. After the fall of date has passed, it is best to get a copy of your credit report to insure that negative items have been removed. Know your rights and get a Free Copy of Your Credit Report from the credit bureau
Tradelines: 7 years Bankruptcies: 10 years
Do you mean, how long will it take the credit card company to stop bothering you? It continue in one way or another until you have the debt discharged through bankrupty.
As long as you have the debt, there is no expiration date.
7years from date of judgement
If it is debt, you must pay it, no matter how long you put it off.
Debt consolidation is usually removed when you complete or terminate the debt management plan. It is advisable to review your credit report on completion of the program and make sure that all information on your credit report is accurate. If the notation that you are undergoing debt consolidation has not been removed, you will need to contact the credit bureau to have it removed. There are a few creditors who may continue to report an account in a debt management plan as delinquent until the balance is totally paid up. This may have a negative impact on your credit worthiness.
No. Because of the bad economy, high prices, poor prospects for the future, downward slide of the stock market, and a rising national debt; the overall credit card debt is up and rising. As long as the economy is poor and does not look good for the future, credit card debt will increase. People are using their credit cards to buy essential goods and services they can not afford to be without.