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How many years to keep?


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How many years of credit card statements should you keep.

I know that you need to keep IRS records for 7 years.

But if a credit card account was defaulted on in 2008,

and you have statements going back to 2002, is

there any reason to keep them all?

Thanks

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I haven't checked with the IRS website itself but I always heard it was 3 years for taxes. That's what I keep.

On the credit cards, it would depend upon if you expect the creditors/collectors to dun you for payment. Just because the sol has run out for them to sue does not mean that they will not demand payment. You may find that a collector is misrepresenting the debt and could sue them for FDCPA violations while they could not could not counterclaim the debt as it is outside of sol.

Then there is the 1099. The IRS has mandated that all creditors issue a 1099to the debtor so that the debtor can be assessed taxes on the uncollected balance because the IRS sees this as income for the debtor. The creditor/collector may report a $15,000 cancelled debt instead of $1,500.

Chances are that you won't get a 1099 for the 2002 delinquent debt. The 1099 is a recent incarnation by the IRS and a lot of the older debts have slipped under the radar.

I do have to say that I had some old delinquent credit files sitting in front of the stove to start my morining fire and a NACA attorney wanted to verify the date of first major delinquency to ensure that the debt was outside of sol.

But, really, this is all so minimal that you could probably have a bonfire and never lose a minute of sleep. I would keep the ones within the sol.

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Why keep any? The first thing they will ask you for in discovery is any copies you have. If you don't provide them, you can't use them later as evidence. If you do provide them, you just nailed the coffin shut on account stated, one element of which is that they mailed you monthly statements and you retained them without protest, thus establishing an implied agreement to the balance. They don't have all these statements, so they hope you'll be stupid enough to provide them yourself. Kinda like bringing your own rope to a hanging. The date of delinquency is on them to prove, your checkbook records should reflect the date of the last payment. If that payment is beyond the SOL, by all means produce that check and staple it to your motion to dismiss. Otherwise, you can keep this stuff forever, just don't tell them you have it. They aren't going to come to your house with a search warrant. Credit card statements are a fire hazard.

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Thank you,

I will keep the default year only. To prove the last payment recorded by them.

My payments were all by phone so there is no check available.

Even if there were my bank never provided an image and does not return them.

I will check the check register, when I find that and the bank statements.

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