What is the Statute of Limitations Credit Card Debt
The “statute of limitations” is a legal term defining a length of time a party has to legal bring a claim against another party before they lose their right to bring the claim forever. As it relates to credit card debt it means how long a creditor has to sue a consumer when they stop paying their credit card bills.
For credit card debt, the statute of limitations begins with the consumer’s first missed payment. From the date of the first missed payment, the creditor has a period of years to sue the consumer before they lose the right to sue. If a consumer misses a number of payments and then makes a payment, then misses thereafter, the statute of limitations does not begin to run until the second set of missed payments begins.
If you have debt within or outside of the statute of limitation, contact a qualified debt settlement attorney. A qualified debt settlement attorney can explain the legal issues that surround your debt and can often work with the creditor to settle your debt for a fraction of the original balance. Consumer and business debt is complicated. Contact a qualified debt settlement attorney to address the matter.
Kevin Fallon McCarthy
Latest posts by Kevin Fallon McCarthy (see all)
- Different Ways to Get Out of Debt - January 22, 2019
- Public Servants’ Second Chance at Federal Student Loan Forgiveness - April 10, 2018
- CREDIT CARD LOSS FOR SMALL BANKS AT AN EIGHT YEAR HIGH - March 22, 2018
- Rise of the Jumbo Student Loans - March 17, 2018
- Credit Card Market: Now and Then - February 23, 2018