I remember when bill collectors used to call my parents home all the time and my father used to ask my mother “Why doesn’t he just pay them?” Well, it sounded easy enough because I certainly had the means, but what my parents couldn’t wrap their heads around was why I didn’t?
Well, it’s not about having the ability to pay as much as it’s about the statute of limitations. What I mean by this is that if a debt is close to falling off your credit report organically, as well as being past the point of being legitimately sued for the debt, then it makes no logical sense for me to pay it back.
Sure, there’s the moral aspect of the fact that I did borrow the money and therefore I should pay it but the reality is that over time, things change and sometimes it’s simply not in my best interest to pay back the debt. Sometimes it’s just better to let the bad debt fall off your credit report naturally once seven years have passed and no one’s the wiser!
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