Note: The DearEsq free 'ask a lawyer' site is offered as a free informational service to the public and is not intended as legal advice. Laws vary from state-to-state, and in addition every situation is unique, and relevant facts may not be known. The answer to the question posed below may not apply to in your state or to your situation. For legal advice in your state and your situation you should consult with an attorney in your state who is familiar with the rules and laws in your state.
“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.
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