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Question: Old debt vs. new debt?

I am 27 years old. I have been on a roller coaster with my debt for about 7 years now. I have some very old debts, (4 years or older) such as a repossession and outstanding utility bills, along with some credit cards. I also have a smaller amount of current debt (2 years or less) leftover from my past marriage (credit card and a couple small utility bills). I want to improve my credit and start paying things off...the trouble is I'm a college student who barely makes minimum wage, so I am not in any position to pay it all off. I need to be thrifty and choose what to pay. I've been told it's better to pay off current debts cuz they affect your credit score more than older debt does, and some of my debts I can actually have dropped from my report because they are 7 years old. I realize in a perfect world I should honor all of my debts, but right now I'm just looking to do what's going to help me in the shortest amount of time. I realize it won't happen overnight.

Answer: Concentrate on the newer debt. The old debts may be beyond your states statute of limitations to take legal action.
The newer debts could get nasty and you might wind up in court fighting a judgment order for garnishment.

Let the old ones drop from your report, they can not be re-dated and placed back on your credit report as this is illegal per the FDCPA (15USC1681s-2] § 623).

P.S. follow Slimick's advice and get rid of those utility bills as this will cause you to have to pay a hefty deposit for services if you decide to move.

Hope this answers your question.
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

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