If someone legally owed me 5,000. back in 1990 and never paid it, how much would that be worth today if I wanted to get it back legally?
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ANSWERS: 2
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I googled it. "$5,000 in 1990 is equivalent in purchasing power to about $11,605.32 today, an increase of $6,605.32 over 33 years. The dollar had an average inflation rate of 2.58% per year between 1990 and today, producing a cumulative price increase of 132.11%."
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Linda Joy I think that's worth plumbing for a bathroom at least! Actually he should do a kitchen sink too for that price.
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I watch way too much Judge Judy. 1) What is the statute of limitations for suing for a debt in your state? 2) Is there documentation that this loan was made? 3) Is there documentation that the person acknowledges that interest will apply (which must be within the rate allowable in your state). If all of these conditions apply, you can get $5,000 plus the legal amount of interest.
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Linda Joy
I like Judge Judy. All the others are wannabees! No, I can't legally get it back because of the statute of limitations. I doubt any go back 30 years, but I could talk a deal out of this one.
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