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Negative. That’s how long it takes a bankruptcy to fall off your record. Unresolved debt and debt collectors will hound you until it’s taken care of, and screw up your credit for the duration.
Depends on the state you live in.
First there is the debt collectors ability to sue to collect. This varies by state and the type of debt in the U.S.
The delinquency is on your credit report for 7 years. After that you can request it be removed.
Federally subsidized student loans have no end date. These can not be discharged. This is the top reason that school tuition rates have skyrocketed. The lenders can loan people with no income vast sums of money little to no risk.
I had a roommate in college who married a citizen of another country. He applied and got approval for a work visa in their spouses native country. Before they left they paid off their federal student loans with credit cards. Something like $20-25K. They also had private student loans of around $10K. They then moved out of the country and went delinquent on the debt. They ended up moving back to the U.S. around 15 years later. By that time their credit report was empty.
Not really, there are time limits where they can’t sue you anymore, and credit agencies will stop reporting the original debt holder, but you’re on the hook for life, usually even if you pay it off if it passes more than one collector.
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Sure, as long as you no longer need credit that works out. Also since we’re talking the US, that’s as long as you don’t need a job, to rent, to drive, or do anything else that requires a credit check.
But if I can’t get a job due to debt how do they expect me to pay it? What a dumb system…
In Germany there’s a process that works that way (“Privatinsolvenz”, personal bankruptcy).
Wait hold on
Wouldn’t that mean that lenders have a vested interest in keeping borrowers alive especially if they have extreme net debt?
They have a vested interest in their borrowers not dying. This manifests as not lending to people at increased risk rather than any kind of protective or preventive action.
Keeping alive and quality of life are different things.
Let me introduce you to:
spoiler
slavery
Fuck, I feel this so much. Debt can be so fun to build up but good lord paying it off sucks lol
I wish debt was not allowed
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Except that the access to debt is a major reason housing and college costs have skyrocketed.
That’s true. I definitely agree that debt can be useful; I guess it’s more the feelings stemming from debt that I wish didn’t exist
Would be better without the 3rd panel
This doesn’t make any sense.
That’s kinda the point
Remember: If you kill yourself, all your debts get transferred to your next of kin!
Disclaimer: I don’t know if this actually happens. Wouldn’t surprise me though.
Most don’t, no (US). It just goes to your estate, so if you have anything of value that will be sold to help with it before it goes to any of your loved ones.
your loved ones
Bold of you to assume I have loved ones. My estate is getting split in half between two charities.
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Depends on country.
In some it only goes to them if they accept inheritance.
Nah, I checked. Just in case.
