Now for the rest of the story.
Lines of credit fall off 7-years after they are paid. Collections 7-years from the date of first delinquency. Judgments 7-years, bankruptcy's 10-years, child support, government backed student loans and tax liens not until they are paid. Inquiries 2-years.
This doe's not mean that you still do not owe the debts, it simply means that they no longer show on your credit report.
By the time 7-years has passed the statute of limitations will have passed and the collection agency's can not sue you. Collection accounts can not be re-aged. This is a trick that some collection agency's use and can be contested and removed from your credit bureau if they try it.
Finance Manager for over 7-years / 2007 Edition Consumer Action Handbook free at www.ConsumerAction.gov