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What happens to unpaid credit card debt after 7 years?
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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.
The nature of credit card debt makes it particularly prone to rapid escalation. After all, things like late fees, over-the-limit charges and the compounding effect of interest on interest can transform a manageable balance into an overwhelming financial burden in a matter of months. However, the high cost of carrying a credit card balance in today’s elevated rate environment doesn’t appear to be deterring Americans’ credit card usage, even as credit card rates close in on an average of 22%.
Recent studies show that a growing number of consumers are severely behind on their credit card payments, the consequences of which can be severe and far-reaching. Defaulting on your credit card debt can devastate your credit score and open the door to aggressive collection efforts, potential lawsuits and years of financial stress. But what happens to unpaid credit card debt at the seven-year mark? That’s what we will explain below.
Need help with your credit card debt? Learn more about your options here.
What happens to unpaid credit card debt after 7 years?
The seven-year mark is significant in the life cycle of unpaid credit card debt due to two key factors: credit reporting and the statute of limitations.
Credit reporting
Under the Fair Credit Reporting Act (FCRA), most negative information, including unpaid credit card debt, must be removed from your credit report after seven years. This seven-year period typically begins 180 days after the account first becomes delinquent.
Once this time has passed, the debt should no longer appear on your credit report. This doesn’t mean the debt is forgiven or that you no longer owe it, but it does mean that future lenders won’t see this particular negative item when reviewing your credit history.
That, in turn, can have a positive impact on your credit score. When the old credit card debts fall off, your score should, in theory, improve, as there is no longer a blemish on your credit report related to the delinquent credit card debt.
Find out how the right debt relief strategy could benefit you now.
Statute of limitations
The other key factor is the statute of limitations, which is the time during which a creditor can sue you to collect a debt. This time frame varies by state and type of debt but typically ranges from three to six years for credit card debt. So, by the seven-year mark, most creditors will be unable to sue you over your unpaid credit card debt. In some states, though, the statute of limitations can be as long as 15 years.
After the statute of limitations expires, the debt becomes “time-barred.” 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. The original creditor or a collection agency can still attempt to collect the debt indefinitely, although their options for doing so become more limited over time — and the debt will fall off of your credit report.
Can I remove unpaid credit card debt from my credit report now?
If waiting seven years for negative information to fall off your credit report seems like a long time, there may be ways to address the issue sooner:
- Dispute inaccurate information: If the information about your unpaid credit card debt on your credit report is inaccurate, you have the right to dispute it. The credit bureaus are required to investigate and correct any errors. This could potentially lead to the removal of the negative item if it’s found to be inaccurate.
- Negotiate with the creditor: In some cases, you may be able to negotiate with the creditor, either with the help of a debt relief company or on your own, to settle the debt for less than what is owed in exchange for a lump-sum payment. This strategy isn’t always successful as creditors aren’t obligated to take a settlement that’s lower than what you owe. However, it’s worth attempting, as settling your credit card debt can get rid of the debt burden and positively impact your credit score compared to fully defaulting on what you owe.
- Request debt validation: If your debt has been sold to a collection agency, you have the right to request debt validation. If the collection agency can’t prove that you owe the debt, they’re required to remove it from your credit report.
- Ask for a goodwill deletion: If you’ve paid off the debt and have otherwise maintained a good payment history, you could write a goodwill letter to the creditor asking them to remove the negative mark as a gesture of goodwill. This approach is more likely to succeed if you have a long-standing relationship with the creditor and if the late payment was an isolated incident.
Remember, though, that while these methods can potentially help in some situations, it’s important to approach them cautiously and understand their limitations. You should also understand that in many cases, accurate negative information will remain on your credit report for the full seven-year period.
The bottom line
Navigating credit card debt can be challenging, especially in today’s economic climate. However, by understanding your rights, the timeline for negative information and your options for addressing debt, you can make informed decisions about your financial future. Whether you’re dealing with current debt or recovering from past financial difficulties, remember that there are resources and strategies available to help you move toward a healthier financial position.
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How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
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The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
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The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
CBS News
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
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The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.
Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the New England Patriots vs. Miami Dolphins game today
The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.
How and when to watch the New England Patriots vs. Miami Dolphins game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Patriots-Dolphins game on Amazon Prime Video.
Fubo: Watch the Patriots-Dolphins game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more