Credit Card Debt Statute Of Limitation
Are you worried that long outstanding credit card debts can suddenly become the focus of a law suit against you? Even after 15 years, or 12 years? If you live in the US, you are covered by Statute of Limitation legislation, which will mean you are not at risk forever of being sued for credit card debt.
If you are concerned about your own credit card debt, then it would be wise to check what the Statute of Limitation specifies in your own state, as the time periods can vary. It may be 3 years, or even up to 15 years.
Once a credit card debt goes past the Statute of Limitation in your state, a lender or debt collector does not have the right to sue you for payment. That is not to say the debt no longer exists; it does, and of course you may feel a moral obligation to pay it back. But you cannot be sued over that debt once past the period specified by the Statute of Limitation.
If, however, a debt collector threatens to sue you over a debt that is already beyond the Statute of Limitations in your own state, they are violating Fair Debt Collection Practices Act.
It is advisable to consult a lawyer in your own state to learn of the up to date Statute of Limitations law that applies to your credit card debt.