Watch what you're doing with time-barred debts
Of course, people are responsible for their debts. However, at a certain point, how much time has passed becomes an affirmative defense under state law and creditors can’t prevail in court. But what happens if a payment is made on a time-barred debt? A consumer can really get clocked — because in many states the debt can be revived if a person makes a payment or says in writing that they intend to. The FTC has announced a $2.5 million settlement...