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Many consumers pay debts they cannot afford without ever realizing that a statute of limitations on debt collection (SOL) exists to protect them from being chased forever by bad debt.

How Long Is The Statute of Limitations?

The SOL for debt collection varies by state and ranges from 3 years to 20 years. It begins 180 days after an individual misses the first payment on a debt. This is known as the date of first delinquency. The average statute of limitations for debt collection is around four years. Individuals should consult an SOL chart to determine the SOL in their state of residence.

The statute of limitations for a debt should not be confused with the debt's reporting period, which is the amount of time an entry can legally appear on a consumer's credit file.

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