“I need help regarding a credit card debt. I took out a credit card in 2002 with a $700.00 limit, I used all the money on the card and never paid any back. Its been four years now and I haven’t heard a word from this company. It shows on my credit report but I still have not been contacted by anyone regarding this. I’m afraid to open a bank account and afraid to contact this company because its been so long. What should I do? What are my options? ”

You took out the card, you used the funds, and so you should pay it back. If you can’t pay it all at once, contact the credit card company, explain that you’d never heard from them, you’d found them on your credit report, and that you’d like to make arrangements for a credit card debt settlement (through which the company accepts a lesser amount as payment in full) or to make monthly payments to take care of the outstanding debt.

Recommended reading (click on the picture):
How to Settle Your Debts


Anne P. Mitchell, Esq. is a noted family law expert, Internet law expert, and Professor of Law at Lincoln Law School of San Jose. Contact This Author

State laws vary, and the above is intended as general advice, and not direct legal advice regarding any one particular situation in any one state. For direct personal legal advice related to your own situation you should consult an attorney familiar with the laws of your state and with your situation.