And you can — and should — check your own balance from time to time to make sure records are accurate. Dollar, keeping your credit report up to date shouldn’t be a problem. However, creditors are generally unable to borrow their retirement accounts. If enough time passes, the account is not active and you do not respond to emails, you may lose the amount in the account to the state.
Will moving to another country pay off the debts?
I moved permanently from the US about 10 years ago but I’m still paying off my student loans (I haven’t had a late payment in 8 years). If you ever return to the US, you may find it difficult to rent an apartment, buy a house, or open a credit card. Unable to support himself, he moved in with his parents in Lancaster and worked as a pizza delivery man. Others thought the international move would be temporary but then those people adopted a permanent expat lifestyle due to lower living costs.
References:
- Can Debt Judgments Follow You Overseas? | Fox Business
- Do Other Countries Have Credit Scores, and Does My U.S. Credit Score Follow Me? – NerdWallet
Barry Ritholtz is a renowned finance expert, author and blogger. With over 30 years of experience in the financial industry he has gained a reputation as a thought leader and influencer in the investment community.