BEWARE: Paying an old debt can sometimes bite you in the ass

The majority of consumers feel an obligation to pay those debts which they once owed years ago but couldn’t pay for one reason or another.

Did you know that even making ONE payment toward an old debt can have serious consequences to your financial stability?

Financial issues may come and ago. Perhaps you lost your job or you were struggling with medical issues and had a hard time paying your bills.  You ended up having to let a few credit card accounts charge off.  You know you owe something to that bank for a credit card account from several years ago.  Now that you are in a better financial situation, it seems like a good idea to take care of those old debts and make good on those promises you couldn’t keep, right? Before you pull out that checkbook, you had better be aware of the potential consequences that could result.

The road to hell is paved with good intentions.

Ask yourself some questions before even speaking to a debt collector regarding an old debt. Even your words could come back to haunt you.  Did I mention that junk debt buyers like to use your words against you?  They also like to play on your desire to “make good” on those old promises.

So ABC Bank calls up Suzi Q about that old credit card debt she owed from 2006.  It’s now 2011 and 5 years has passed she Suzi made her last payment on that credit card account.  Suzi is a now a smart and financially stable consumer.




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