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.
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 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.
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.
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.
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
It varies from state to state. Most states are 3-5 years.
No, the NY SOL has not changed. For credit cards, it is still 6 years. For breach of contract for lease of goods, it is 4 years. That may be what you were reading about.
The statute of limitations for credit card debt in the state of Georgia is four years. The Federal Truth In Lending Act indicates that credit cards are open end accounts. Those who maintain that credit cards are written agreements rather than open end accounts are incorrect. Federal Law supersedes state law or a state court's interpretation. As indicated the Federal TILA clearly defines credit cards as open end accounts and in the state of Georgia, that would be a four year statute. Georgia's statutes provide,Quote:Quoting OCGA ยง 11-2-725. Statute of limitations in contracts for sale(1) An action for breach of any contract for sale must be commenced within four years after the cause of action has accrued. By the original agreement the parties may reduce the period of limitation to not less than one year but may not extend it.andQuote:Quoting ยง 9-3-25. Open accounts; breach of certain contracts; implied promise; exceptionAll actions upon open account, or for the breach of any contract not under the hand of the party sought to be charged, or upon any implied promise or undertaking shall be brought within four years after the right of action accrues. However, this Code section shall not apply to actions for the breach of contracts for the sale of goods under Article 2 of Title 11.Here is a site which you will surely want to review as it contains invaluable information for those who have reached the four year statute of limitations for credit card debt:http://whychat.5u.com/answer.HTMLIt is recommended that you contact threatening debt collectors with a SOL letter making them aware you know your rights. If you are facing a court hearing, the above link provides all the tools you need to defend yourself. This site even includes a US Supreme Court decision defining credit cards as an open end account. Knowing your rights, being prepared & being firm are important to a successful, affirmative SOL defense. The above site gives you all the tools you need for a successful defense. Note: The information at the above link may be applied to each state's SOL for open end accounts. In Georgia, the SOL for open end accounts (credit cards) is four years. The same information could also, be applied to other state's SOL for open end accounts.
The expiration of an SOL is detemined by the date of last activity (DLA) of the account.
The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http://www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http://www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html The SOL depends on the state and type of agreement. Also note that credit card debt is called an open end account. The SOL for debts that have expired (no longer required to pay) is not the same SOL used by credit bureaus. Take a look at the following site http://www.credit-repair-specialist.com/debt-collection-statute-of-limitation.html and http://www.blogblackstocks.com/2007/02/how_long_does_n.html