What is the statute of limitations for a credit card debt?

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What is the statute of limitations for a credit card debt?

Collection agency is trying to collect on credit card debt that shows last the last payment as 6 years ago and charge off 5 years ago with the original creditor. I lived in AZ during this time, and just moved to VA. AZ just passed bill clarifying SOL law to a 6 years. Old laws were “hazy” but many AZ judges ruled a 3 year SOL in numerous cases previous to the new statute taking affect. I thought this was uncollectable but now I’m not sure. It didn’t take long for creditor to send out a collection notice after this bill was passed and signed. Which SOL applies to my situation?

Asked on September 30, 2011 under Bankruptcy Law, Arizona

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 9 years ago | Contributor

Good question. In order to answer your question, you need to carefully read the new Arizona statute concerning the statute of limitations time concerning a credit card debt being three (3) or six (6) years as being retroactive or prospective.

Meaning, does the new law state from a certain date forward when a credit card debt is incurred the statute of limitations will be six years, or does the new statute of limitations law state that with all unpaid debts on a credit card the time period is six years going back in time from when the debt was incurred, for example December 2007?

The way that this new statute reads will make a big difference as to whether or not the credit card debt that you have is barred by the statute of limitations or not.

Good luck.


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