What is the statute of limitations on credit card debt in north carolina?
North Carolina has specific credit card laws that consumers should understand. One type of law is a statute of limitations, which limits the amount of time that creditors may use the court system to collect a debt.Statute of LimitationsA statute of limitations provides a time limit for legal actions. It states exactly what actions need to take place in order to start the clock on a legal action.Beginning the statute of limitationsA statute of limitations has a specific start date and ending date. The statute begins with a cause of action, such as when a debtor violates a contract by failing to pay a bill. In North Carolina, according to state statute 1.31, the cause of action begins at “the time of the latest item proved in the account on either side.”North Carolina StatuteNorth Carolina state law 1-52.1 states that the statute of limitations for credit card debt is three years. That means that after three years, creditors may not use the court system to pursue overdue credit card debt
