Avoid Phantom Debt Turning Into Zombie Debt: What You Need to Know

Phantom debt—or Zombie debt—is becoming an increasing issue, and it could be affecting you without your knowledge. Many people believe that debts from the 2008 financial crisis were cleared, especially when they saw charge-offs or write-offs on their credit reports. However, just because a debt isn’t visible on your report doesn’t mean it’s gone.

As the economy improves, these old debts are starting to reappear, often with added interest, penalties, and fees. Debt collectors may demand payment, threatening to seize your house, garnish your wages, or repossess your car. If you have older debt that hasn’t been cleared, make sure you verify that it’s truly gone.

A charge-off on your credit report or the passing of 7 years doesn’t automatically mean the debt is released. If you don't take action, you could find yourself dealing with zombie debt, which can have severe consequences. Visit LeanRelease.com to learn how to ensure your debt is fully resolved and avoid it haunting you.

For more personalized advice, schedule a live, one-on-one consultation at ActualHuman.com with an expert to discuss your situation.