Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection varies from state to state. It is somewhere between two years and as long as 8 years. That would be from the last use or payment.
The SOL starts on the last date of activity on the credit card. So, don't make any payments or you will restart the SOL. In Arizona, the SOL is 6 yrs on credit cards.
3 years from last payment
Yes, credit cards are considered open accounts, all states have SOL's pertaining to the time limit in which a debtor can be sued. You can find out what the SOL for your state is by visiting www.fair-credit-collection.com
Credit Card debt is considered an Open Line of Credit. The Statute of Limitations for collection in Georgia it is 6 years. That is usually measured from the last use or payment.
The expiration of an SOL is detemined by the date of last activity (DLA) of the account.
SOL's for debt are determined by the laws of the state in which the debtor resides. In some US states the SOL differs depending upon the type of debt that has been defaulted.
The SOL for credit cards, which are considered "open accounts" varies by state. Some are as short as three years most are under seven. Once the SOL for the state of residency has expired, the debt is, by law, no longer collectable.
The three types of credit cards available in the market today are secured credit cards, unsecured credit cards, and prepaid credit cards.
Bank Of America offers many different credit cards. It offers cash rewards credit cards, points rewards credit cards, travel and airline rewards credit cards, lower interest rate credit cards, and build or rebuild credit cards.
People who misuse credit cards are charged for misusing credit cards.
Airline credit cards are credit cards issued by airlines. They have no real benefits over regular credit cards, apart from the fact that you can collect Air Miles with them.
if they are not collecting on it leave it alone, don't go waking up a sleeping giant, in another year or so depending on your states SOL it will be beyond legal recourse, most credit cards are considered written contracts and have a SOL of 2 to 4 years depending on what state you live in