What is Zombie Debt?
Americans owe $1.616 trillion in auto loan debt, according to the Federal Reserve Bank. The only problem is, the statute of limitations of debt is making it extremely hard on debt collection companies to collect on the debt. So unfortunately, the dollar amount of debt owed will keep rising.
My zombie debt course will teach you how to buy debt and structure an agreement between you and the creditor which suits the terms of both parties equally, ultimately satisfying the creditors as well. In turn, you will have a primary tradeline on your credit report as a result of assuming the debt.
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Why Do They Call It Zombie Debt?
Statute of Limitations
The statute of limitations for debt refers to the maximum period during which a creditor can legally sue a debtor to collect a debt. Once this time period expires, the creditor can no longer take legal action to enforce the debt, although the debt itself may still exist.
The length of the statute of limitations varies by state and the type debt. Here are some general guidelines:
1. Written Contracts: Typically ranges from 3 to 10 years, depending on the state.
2. Oral Contracts: Usually shorter, often between 2 to 6 years.
3. Promissory Notes: Generally falls within the range of 4 to 6 years.
4. Open-Ended Accounts (like credit cards) : Usually have a statute of limitations of 3 to 6 years.
It’s important to note that the statute of limitations can be affected by certain actions, such as making a payment on the debt or acknowledging the debt, which may reset the clock on the statute of limitations. Additionally, while the statute of limitations can limit legal action, it does not erase the debt, and creditors may still attempt to collect it through other means. If you’re dealing with debt and have questions about the statute of limitations in your specific case, it may be helpful to consult with a legal professional or a financial advisor.
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The photo above is, "consumer credit card debt". If you take a look at the originated date, you'll see that the debt is past the statute of limitations.
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