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NYC: National Debt Clock

SOL means: “Statute of Limitations” on Debts…and that can be a Good Thing!

Image by wallyg
Invented and bankrolled by New York real estate developer Seymour Durst, the 11-by-26 foot National Debt Clock was erected in 1989

Last Updated Sept 28, 2010

Why should you care about the Statute of Limitations (SOL)?

Every day, consumers pay off collection accounts and charge-offs which they do not have to pay off because the Statute of Limitations has already expired for the open account. Consumers pay off these accounts because the accounts still appear on their credit reports.

This information can be a powerful weapon in unburdening yourself of old debts, as creditors have a limited time in which to sue you. Remember: the Statute of Limitations begins to run from the day the debt – or payment on an