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About 7 years ago, I lived off of my credit cards for about a year and a half. I was young and had no other means. After that I stopped using my credit cards completely, but I wasn't able to pay any of that debt.
So now I am wondering what the best thing to do is. It's been a long time, and I have heard from someone that after 7 years you get it all removed from your credit history. Is that true?
If I do still have to pay it off, how much can I get it reduced?
Can someone tell me exactly what the best game plan for me is. Of course, I want my credit score history to be good and to get away with paying as little as possible. Any links or recommended professionals would be greatly appreciated too.
Removing credit card debt after 7 years
Yep….it’s true that negative items remain on your credit report for 7 years from the date of your first default. The best thing you can do is to contact with the credit card company and negotiate with them. You may try to arrange a better repayment plan with them. Once you start making payments on time, your credit score will improve gradually with time.
Still confused. If the items will disappear, do I still have to pay for them?