Legal Question in Credit and Debt Law in New York
credit card debt -- statue of limitations
what is the statute of limitations on the collection of credit card debt? is there a point at which a credit card creditor cannot charge further interest? i've heard something about a *creditor* paying a penny to keep the account active??
Asked on 4/16/01, 3:02 pm
1 Answer from Attorneys
Re: credit card debt -- statue of limitations
Six years from the last date of your activity
Interest will always continue to accrue until
all principal is paid, although after the
six year period without activity, this
debt also becomes unenforceable.
The company can begin a collection lawsuit
to stop the six year statute.
It cannot simply pay a penny on your behalf
to stop the statute.
Answered on 6/12/01, 7:56 am
Related Questions & Answers
-
Evergreen What is a evergreen clause Asked 3/28/01, 11:17 am in United States New York Credit, Debt and Collections Law
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
