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.
The statute of limitations for a charge-off is seven years from the date a creditor reports your account as delinquent. Depending on the creditor, it can take anywhere from 30 to 180 days for the creditor to file this report.he statute of limitations for a charge-off is seven years from the date a creditor reports your account as delinquent. Depending on the creditor, it can take anywhere from 30 to 180 days for the creditor to file this report.