Quick and simple Zombie debt is very old debt that has has passed the statute of limitation for collect it. Then, one morning you get a call about a debt that’s like 10 or 20 years old and someone is trying to collect. It is revived as soon as you admit the debt is yours. So what do you do? Experts advise people in debt not to acknowledge the debt and if they threaten you with a lawsuit tell them to send you proof of the debt. Most likely they won’t be able to, because the statute of limitation is up. Once you admit the debt is yours the statute starts all over again.
So, if you think you have zombie debt and fear something may be unearthed, (pun intended) it might be time for you to wise up and start thinking about money seriously and start budgeting.
I don’t care if you’re on welfare, making minimum wage or a millionaire. Start.
Zombie debt is NOT Student loans or your taxes or any secured debt. It is unsecured debt, like phone bills, credit cards and stuff like that.