Most laws have a statute of limitations.
Even criminal prosecutions have a time limit (except in the case of murder), and if enough time has passed since your violation then you're home free.
When it comes to debt obligations, there is also a statute of limitations you need to be aware of.
The exact number of years varies from state to state, and you should contact your state attorney's office because these laws can change from time to time even within your own state.
For example, let's say your state has a six-year time limit.
If six years have passed since you last used your account or made a payment, you are probably free from this obligation.
Keep in mind that there are some tricky pitfalls you need to be aware of.
If you are contacted by a creditor and make a payment, you may be starting a statute of limitations all over again.
Be aware that some companies may try to make a last-ditch effort before the time limit has passed in order to collect whatever they can from you.
You should also be aware that there are some unscrupulous collectors that will ignore the time limitation and try to convince you that you still have to pay the original debt.
Creditors have been known to lie and threaten you the consumer, so be aware of this in case you are contacted by any debt collectors.
If the time limit is still years away, you obviously want to consider some other options.
Simply establishing a better budget can allow you to catch up with payments and may be enough to correct your financial troubles, although you may need to increase income through a part-time job.