Would be better without the 3rd panel
this post was submitted on 07 Jan 2025
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Doesn't debts just go away after 7 years?
What are they gonna do, seize all my (non-existent) property?
Depends on the state you live in.
First there is the debt collectors ability to sue to collect. This varies by state and the type of debt in the U.S.
The delinquency is on your credit report for 7 years. After that you can request it be removed.
Federally subsidized student loans have no end date. These can not be discharged. This is the top reason that school tuition rates have skyrocketed. The lenders can loan people with no income vast sums of money little to no risk.
I had a roommate in college who married a citizen of another country. He applied and got approval for a work visa in their spouses native country. Before they left they paid off their federal student loans with credit cards. Something like $20-25K. They also had private student loans of around $10K. They then moved out of the country and went delinquent on the debt. They ended up moving back to the U.S. around 15 years later. By that time their credit report was empty.
Negative. That's how long it takes a bankruptcy to fall off your record. Unresolved debt and debt collectors will hound you until it's taken care of, and screw up your credit for the duration.
In Germany there's a process that works that way ("Privatinsolvenz", personal bankruptcy).
Not really, there are time limits where they can't sue you anymore, and credit agencies will stop reporting the original debt holder, but you're on the hook for life, usually even if you pay it off if it passes more than one collector.
On you're "in the hook for life", but they also can't sue you to force you to pay?
Well then just ignore them.
Sure, as long as you no longer need credit that works out. Also since we're talking the US, that's as long as you don't need a job, to rent, to drive, or do anything else that requires a credit check.
But if I can't get a job due to debt how do they expect me to pay it? What a dumb system...
It depends on the laws in each country. As long as creditors send reminders of the debt the debt will never disappear in my country. Unless you go personal bankruptcy. And that is both good/bad for you in the future.
Wait hold on
Wouldn't that mean that lenders have a vested interest in keeping borrowers alive especially if they have extreme net debt?
Let me introduce you to:
spoiler
slavery
They have a vested interest in their borrowers not dying. This manifests as not lending to people at increased risk rather than any kind of protective or preventive action.
Keeping alive and quality of life are different things.
This doesn't make any sense.
That's kinda the point
Fuck, I feel this so much. Debt can be so fun to build up but good lord paying it off sucks lol
I wish debt was not allowed
Debt can have its benefits depending on the use case.
Expecting the average person to save up the full price of a house before buying it is simply an unattainable standard for most people to meet. The same can go for cars, too.
Sometimes, debt can just smooth out uneven pay periods. If you need to spend $200/mo, and in 2 months you get paid $150 and $250 respectively, you'll need $50 of debt in that first month to smooth out your varied income, before paying it back in the 2nd month.
It's primarily the predatory practices and systems (high interest, encouraging it where it's not needed, hidden junk fees, etc) that make debt so harmful, not the fundamental concept of debt itself.
And oh, just a random fun fact you might actually find quite interesting, did you know that debt existed before money did? It was actually the primary thing that allowed individuals to engage in trade, and money only came along later as a means of tracking debt.
Except that the access to debt is a major reason housing and college costs have skyrocketed.
That's true. I definitely agree that debt can be useful; I guess it's more the feelings stemming from debt that I wish didn't exist