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
Garry Hanlon

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.

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Answered on 6/12/01, 7:56 am


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