5 years ANSWER Actually, credit card debt in Florida falls under the 4 year SoL (as it is an "open" or "revolving" account and does not fall under "written" (meaning loans, in the simplest terms) accounts. The SoL begins on the last payment made. So if you made your last payment on 2004, the SoL would expire July 2008. And FTR, a creditor selling your account to a collection agency (or any other "third party" does not constitute activity in terms of reseting the SoL. Meaning, even if another party purchases your debt, the original DOLA (date of last activity) still applies. So even if in August 2007, Bob's Collection Agency buys your debt from Joe's Credit Cards and the DOLA is July 2004, the SoL still expires July 2008. And note that you can still be sued for the debt. SoL expiration just provides what's called "permissible defense" -- meaning, the court will tell the plaintiff in the matter "You lose. You should have sought legal remedies within the past 4 years." HOWEVER, if you ARE sued (and some collection agencies will attempt this, despite SoL expiration), you must still show up in court. Otherwise, you lose automatically by default.
A credit card is an open ended account. Florida has set the statute of limitations at 4 years. That will be from the last communications from the debtor. Please note that the credit card may be based on a different jurisdiction which could be longer! Check your agreement for the applicable jurisdiction.
Credit Cards are typically considered Open Accounts. The credit card agreement you signed may specify the state laws that will apply to the account and collection activities associated with it. Read the contract and consult an attorney. In Florida Open Accounts are subect to a 4 year statute of limitations. In Michigan Open Accounts are subect to a 6 year statute of limitations.
Florida has set the statute of limitations at 4 years. A credit card is an open ended account. That will be from the last communications from the debtor. Please note that the credit card may be based on a different jurisdiction which could be longer! Check your agreement for the applicable jurisdiction.
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