Could your debt be reduced or forgiven? Take our financial relief quiz. According to a review of in-house data by Experian in 2025, the average American holds over $105,000 in debt. From car loans to ...

Old debt won't just disappear, but can creditors freeze your bank account after the statute of limitations expires?

Angelica Leicht is the senior editor for the Managing Your Money section for CBSNews.com, where she writes and edits articles on a range of personal finance topics. Angelica previously held editing ...

Any collection accounts that are listed on your credit report can have a big impact on your finances, dragging down your score and making it harder to qualify for loans, housing or even certain jobs.