How many years does it take for debt to not be binding on you?
Does debt ever go away?
How long does it take for a debt not to be binding?
Depends on who you owe. If it's the gov't, the debt will never go away. Also, if it has interests attached to it, then you will owe more than you originally borrowed. If you a company, they will eventually write you off as a loss but it depends on which company and their standards. If it's a person you owe money to and they want to collect, they have to sue you within let's say 5 years or less. If not, then the debt will be forgiven.
Reply:until you clear it!
now stop leeching and pay off your dues!
Reply:Debt does not disappear unless you pay it off. Negative credit items should only stick around for 7 -10 years. But the catch to that is if the creditor sells the debt to an agency, it starts the cycle over again. Theoretically, the debt could stick around forever.
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