How are the statute of limitations determined for credit card default?

Question

I currently live in Kansas. The statute of limitations for unpaid credit card debt 'open accounts' is 3 years. I lived in Texas and Arizona when the credit cards were opened. How do I determine the statute of limitations for this debt? Is it based on current residency or past residency?

Answer 1

Fair Credit Reporting Act says that derogatory accounts will show for 7-years from the date of first delinquency.

Statute of limitations varies from State to State and by what type of debt you are talking about.

This is the legal time that people can sue in court and get a judgment. Once the S.O.L. has passed you can still be sued but all you have to do is show the court that the S.O.L. has expired and the case will be dismissed.

I have posted a link so you can look up your State:
http://www.bcsalliance.com/index.html

There is no time limit on how long people can attempt to get you to pay. Never admit that a debt is yours and never pay a dime on one that is past the S.O.L. because this will restart the S.O.L.

Answer 2

The statute of limitations for a particular debt is determined by where the debt is incurred. So if you owed $5000 in TX and the stat. of lim. is 5 years, The credit card company has 5 years to collect from you, regardless of where you now live. Confirm this with a lawyer. I believe this is the way it works.

Answer 3

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Credit card debt consolidation counselors are experts with a good knowledge of debt management, budgeting and behavioral patterns of credit card holders. These services are vital for those struggling to manage their credit card debts. Also called credit counseling or debt counseling the credit card debt consolidation counseling brings immediate relief to a credit card holder.

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Read more from: http://www.credit-card-gallery.com/credit_card_debt_consolidation.html

Answer 4

It appears Arizona is 3 years and Texas is 4 years. http://www.fair-debt-collection.com/SOL-by-State.html

Answer 5

the state you opened your acct. in is the contractual state of record.