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
Not if it is creditor debt, such as credit cards.
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.
Personally I would walk away because it is beyond SOL for legal recourse, and shouldn't be reporting on your credit reports because the SOL on that is 7 years
Credit Cards are classified as Open Lines of Credit in Michigan. The statute of limitations is 6 years. That is measured from the last acknowledgment of the debt by the estate.
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.
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 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.