Doesn’t debts just go away after 7 years?
What are they gonna do, seize all my (non-existent) property?
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.
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.
Would be better without the 3rd panel
Remember: If you kill yourself, all your debts get transferred to your next of kin!
Disclaimer: I don’t know if this actually happens. Wouldn’t surprise me though.
Most don’t, no (US). It just goes to your estate, so if you have anything of value that will be sold to help with it before it goes to any of your loved ones.
your loved ones
Bold of you to assume I have loved ones. My estate is getting split in half between two charities.
No.
But if it did, it’d be funny to just take out a huge loan, use it to enjoy yourself, then when the money runs out, end your life, and the debt goes to a toxic relative to fuck up their life.
