Is there a statute of limitations? Seriously. I always pay on time and I had the feeling that one was forever liable for a credit card debt.
Most places there is a 3 to 5 year statute on credit card bills. Now the time usually runs from the date of last payment. That is why people get letters off of 20 year old credit card debts asking just for $1 to show the debtor is honest. BUT, this re-opens the time period.
parsy, who knows a lot about skinning the usurers
Is there a statute of limitations? Seriously. I always pay on time and I had the feeling that one was forever liable for a credit card debt.
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After 7 years it’s uncollectible. Credit card companies have been prepackaging quantities of debt in advance of the debt being charged by their customers in CDO’s ... The big wallstreet banks may be your actual lender and not the credit card issuer (or it may be the buyer of the CDO) ... The credit card issuer may never have had it’s capital at risk as most often the CDO instrument was sold prior to the debt being placed on your account. Chances are if you are sued for collections by a card issuer that they will be unable to prove that they are the actual lender and that they have standing.