One pitfall for consumers in the current economy may be old debts that a growing number of bill collectors are trying to collect on.

A recent article on Examiner.com notes that companies are buying up old "junk debt" accounts for pennies on the dollar in an attempt to recover at least some money on them.

However, consumers should be cautious when dealing with junk debt collectors. For example, many states have statutes of limitation on the books that govern just how long a consumer can be held accountable for an old debt - consumers are advised to be familiar with their own state laws before paying or entering into any kind of payment agreement.

The report also cites the case of one New York woman who was billed for an old $3,000 debt that apparently was the result of a previously undetected identity theft a decade ago, further illustrating the importance of consumers dealing carefully with collectors.

If you're dealing with your own debt burdens, the best thing you can do is make all your monthly payments on time and do your best to pay more than the minimum. Consumers can also consider payday loans as part of their financial strategy.

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