Legal Question in Credit and Debt Law in Illinois

Is it true that credit card companies write off accounts in default after 6 mo? In IL can they still try to collect after 5 years?? Is there a cut off for how long they can collect?


Asked on 11/29/09, 9:37 pm

1 Answer from Attorneys
Adam S. Tracy Securities Compliance Group Ltd

The statute of limitations is 5 years for credit card debt. That is not to say, however, that they cannot try to collect from you. They can try to collect, but you would have no legal obligation to pay them. Let me know if you have any further questions; [email protected]

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Answered on 12/05/09, 9:41 am


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