I would keep any proof of payment for seven years. If you have something pop up on your credit report you will have proof that you paid it. Keep the last statement you received along with the payment info. That way if you need to contact the company later, you will have their phone numbers, etc. I work at the credit bureau and am amazed at the number of people who keep NO financial records and then wonder why their finances are a mess! I only keep things like utility bills for a couple months (enough to show the previous bill has been paid) but I keep paycheck stubs and bank statements longer (you might need them to apply for financial assistance or proof of income). I have every tax return I have ever filed. I guess you just need to come up with your own system, but you cant go wrong with the seven year mark.
I actually have worked in the credit card industry for the past sixteen years. keep all records...canceled checks, proof of payments, receipts, etc.....for seven years. Seven years is the statue of limitations for credit cards and medical records.
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