What is the statute of limitations on debt collection?
Statute of Limitations Credit cards are generally considered open accounts. The Federal Truth in Lending Act, Section 127 talks at length about credit cards as open accounts. However I have received some information recently indicating that some courts have ruled that credit cards are written accounts. So, as I’m not an attorney, I’m going to suggest that this area of the law seems to be fluid. Meaning that what your court rules may be based upon what evidence is presented and other factors. While the Federal Truth in Lending Act is written in legal terms, meaning good luck trying to read it, the The State of New Hampshire’s Department of Justice’s Sourcebook has a very readable definition, check the second paragraph, of why credit card accounts are open-ended. State (in years) Oral Agreements Written Contracts Promissory Notes Open Accounts Alabama 6 6 6 3 Alaska 6 6 6 6 Arizona 3 6 5 3* Arkansas 3 5 6 3 California 2 4 4 4 Colorado 6 6 6 6 Connecticut 3 6 6 6 Delaware 3 3 6 3 D.C. 3 3
