The Blog Of TL Wall Accounting

How Long Do Collection Agencies Have To Collect On A Debt?

A common question asked about collection agencies is how long they have to collect on a debt. The simple answer is they can try to collect as long as they want to. After that answer, the truth get a lot more complicated.


Rilsonav from Pixabay

The Fair Credit Reporting Act, which was enacted in 1970 and last revised in 2004, has rules for how long a bad debt can stay on a credit report. The statute of limitations for that is seven years. Afterwards, a collection agency could decide to still try to collect from the debtor, but they have no power behind them to make a debtor pay them anything. Almost no collection agencies will contact debtors after this time limit, because it’s a waste of their time.
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3 Ways To Protect Yourself Financially During The Pandemic

We probably should have produced this article much earlier than now. But like pretty much everyone else, life gets in the way and our thoughts turn towards many other things. Still, the tips we’re going to give are still available for everyone to do, because unfortunately the pandemic isn’t ending any time soon.


by DarkWorkX from Pixabay

1. Contact some of your creditors and ask for either an extension or adjustment on your monthly payments.

Even if you’ve been able to hold out this long, there’s still a chance that your finances might leave you in a dangerous place. One thing you can think of doing is picking up the phone and speaking to some of the major companies you owe money to and asking them for relief.
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Tracking Your Spending For Your Financial Health

How well do you track your spending habits?

We ask that question because a great number of people have absolutely no idea how or where they spend their money. This ends up with folks looking at their bank statements wondering where their money went, and sometimes leads them to either overdraw on their bank accounts or go over the limit on their credit cards.


Why is this important? Because while the Justice Department shows that the number of bankruptcies decreased 5 years in a row between 2010 and 2015, Nerd Wallet shows that overall personal debt has increased over at least 12 years.
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How To Gauge Products And Services You Should Be Paying For

Self employment is a wonderful thing if you can pull it off. What’s less than optimal is trying to run your business while still trying to do everything else you normally do that takes you away from running your business. All of us have tried it at one time or another, and eventually you either burn out or find yourself tiring to the extent that you’re slacking off on both your business and your projects.


There’s a process one should go through when making a determination as to whether or not you should keep doing what you do that’s not part of your career. Below are categories and things to think about that might help relieve you of some of your workload… even if it might cost you a bit of money.
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Financial Issues Couples Should Discuss

The previous article we published, 7 Financial Issues To Discuss With Elderly Family Members, was crucial to figuring out what’s important as family members get older and need to gain more control of their future. Although that article was specific to elderly family members, some of those issues are the same that couples, or those who are thinking about becoming couples, need to think about.

couple
by Désirée Fawn

Unfortunately, not everyone who gets married stays married, and these days even people who don’t get married but decide to live together as a couple end up having to deal with financial decisions on the back end that they never considered. It rarely ends pretty, so thinking about things like what’s below makes a lot of sense before mistakes are made that can’t be fixed.
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