Old, valid debts may not be legally collectible in court depending on some factors, such as the time period during which an aggrieved party must commence legal action against another party. In Massachusetts, the statute of limitations on a debt is usually six years. However, if small payments are made along the way, the limit could extend beyond six years. Also, if the debt is valid, you may feel as though it is your moral obligation to pay even if you are not legally compelled to do so. But if you affirm an old debt, make sure you will be able to pay it off. Starting and then stopping payments can do significant damage your credit rating.