There are different types of financial counseling one might needy. The truth is most people need financial counseling in one way or another, sometimes multiple ways. Whether it’s to make money or save money or not get penalized because of how the money is used, it can help to speak to a professional.
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Does that make sense? If not, don’t get discouraged. We’re offering 5 reasons why you might need financial counseling, and what type of counseling you might need.
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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.
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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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Accounting & Financial Advice from the Syracuse NY area