K945, The Hit Music Channel logo
Get our free mobile app

Do you know about this little-known and quite interesting fact about personal debt in Louisiana?  It turns out you might not have to pay some of your old debts after a certain amount of time. Yep, it's true! If you're going through a tough time financially, this could be a game-changer for you.

I was listening to Kevin Trudeau's podcast, Think Now, and he was talking about how managing money stress can improve your overall well-being. And get this—there's a law in Louisiana that says if a debt has been hanging around for a long time, like ten years or more, creditors might not be able to force you to pay it anymore.

But here's the catch: it doesn't mean all debts magically disappear. If creditors haven't taken legal action against you within a certain timeframe, they might lose the right to do so. This timeframe is called the "statute of limitations," and it varies depending on the type of debt you have.

For example, credit card debts typically have a shorter statute of limitations, around three years. And even if a creditor gets a court judgment against you, they have about ten years to enforce it before it might expire.

The good news is, if you're a Louisiana resident struggling with debts that have been around for a while, there are options for relief. You just need to do a bit of research to understand your rights and see if any of these rules apply to your situation. Don't forget to check out websites like Grants.gov and Benefits.gov—they could have resources or programs that might help you out during these challenging times.

Remember, financial stress can take a toll on your emotional and physical health, and managing it well can even strengthen your relationships. So, take advantage of the information out there and see if there's a way to lighten your load. It's tough out there, but you've got options!

10 Funniest Town Names in Louisiana


Read More: Louisiana Restaurants Featured on 'Diners, Drive-Ins & Dives'


10 Tallest Buildings in Louisiana

More From K945, The Hit Music Channel