what is the statute of limitations on credit card debt in colorado?

Question

I looked all over the web and 50% of the charts say 3 years, 50% say 6 years. Anyone know for sure? Maybe it just went up and sites haven't caught up??

Answer 1

Credit card debt is an open account therefore the 3 year statute applies. Your written contracts like mortgage, promissory, etc are written contracts and those fall under the 6 year contract.

COLORADO

INTEREST RATE

Legal: 8%

Judgment: 8% (or higher if specified in contract or note)

STATUTE OF LIMITATIONS (IN YEARS)

Open Acct.: 3

Written Contract: 6 (signed promissory note)

Written Contract Goods Services: 3

Domestic Judgment

District Court-20 (renewable every 20)

County Court-6 (renewable every 6)

Foreign Judgment: 6 in CO.

BAD CHECK LAWS (CIVIL PENALTY)

Treble Damages & Reasonable Fees

GENERAL GARNISHMENT EXEMPTIONS

See federal law.

COLLECTION AGENCY BOND & LICENSE

Bond: $12,000 - 20,000

License: Yes

Fee: Determined by collection agency board

Exemption for out-of-state collectors: Out of state collectors are exempt if [1] collecting only by interstate means (phone, fax, mail); [2] have no Colorado client; and [3] are regulated and licensed in the state in which they reside.

Answer 2

I can see what you are talking about. I found this site that breaks down the different types of statutes of limitations for Colorado. Debt recovery is listed as 6 years. This site also lists where to find the relevant law that specifies the statute. There is a 3 year statute for breech of contract. That may be where the confusion is. Some may consider a debt to be a broken contract, but if the law actually specifies 6 for debt then it must be 6.

http://www.trial-lawyers.com/statutes.html

This is a little messed up be the SOL for wrongful death is 2 years. Medical malpractice is also 2 years. Seems like the law in Colorado is stacked against the consumer.

Here is another site where you can read the actual law.

http://www.state.co.us/gov_dir/leg_dir/olls/sl2002a/sl.315.htm

Answer 3

what do you mean? If you dont pay, your credit is ruined. I dont think they will give you a clean slate ever again.