Is it true that if you just ignore an old debt it will go away? Not exactly. There are a few misconceptions about the Ontario Limitations Act. This week's Technical Tidbits edition of Debt Free in 30 will help separate the fact from fiction.

Let's start with what we know

We all know that if you don't pay a debt, you will get collection calls and, perhaps, have your wages garnisheed. So yes you can ignore a debt, but it may lead to collection actions. Doing nothing isn't generally a good option.

If you don't have a job, you don't need to worry about wage garnishments. But that doesn't mean that you can simply ignore a debt and have it go away.

Full details on today's Technical Tidbits edition of Debt Free in 30.