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Old debt typically refers to financial obligations that have been outstanding for a significant period, often classified as being 180 days or more past due. Such debts may include unpaid credit card balances, loans, or other forms of credit that have not been settled. Once debts reach this age, they may be sent to collections, reported to credit bureaus, or subject to legal action, impacting the debtor's credit score and financial standing. Additionally, old debt can become difficult to collect, leading creditors to either write it off or negotiate settlements.

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3w ago

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