It sure seems like it. There are many examples of hard-wired human instincts that help keep us alive. Perhaps the most obvious case is the fight-or-flight response, coined by Harvard University physiologist Walter Cannon in 1915.
There is no time limit on that debt. A collection agency can legally pursue you until the debt is paid in full.   However, there is a time limit on the negative consequences of not paying the debt. In most circumstances that limit is seven years. Seven years from the time you became delinquent with your original creditor.
Delinquent Accounts â When you refer an account for collection and notify a CRA that you have done so, you also must report the date of delinquency to the CRA within 90 days. The date of delinquency is the month and year the consumer's delinquency resulting in the referral began, see the examples below. FCRA 623(a)(5)(A) If you are a debt collector furnishing information to a CRA about the accounts of a creditor, you must report the date of delinquency given to you by the creditor. FCRA 623(a)(5)(A) This date of delinquency determines how long the debt can be reported on a consumer's credit report.