What is the statute of limitations on unpaid debt?
There is no cut-and-dry to this question. Statute of limitations (SOL) is established by state law and varies according to account type. The SOL for a credit card may be set by the state in which the consumer resides, or may be set by the state’s laws which govern the contract. Many credit card issuers write card holder agreements under laws which favor them, like South Dakota and North Carolina. There are also different statutes for written contracts, promissory notes and verbal agreements. If your aim is to find out the SOL which applies in a specific case, you would need to research the state and contract type.
