Statute of Limitations on credit card debt
Each state has a statute of limitations on debt. This means that each state has a certain amount of time to get payment for the debt. Although a debt may appear on your credit report, that may be null and void. Consumers are always paying on debts that are on their credit without knowing that the statute of limitations has expired. If a consumer finds that debts shown on their credit is void a simple letter will clear the matter. There are four separate contracts or agreements that hold up in the statute of limitations. Attached, consumers will find recent laws pertaining to the maximum duration a creditor can pursue a debt.
Written Contracts
These types of agreements are very binding. It is a documentation that has been signed by both parties involved.
Verbal Agreement
Verbal agreements are not as binding, but do hold up in a court of law. They are often harder to prove, but still have leverage.
Opened Ended Accounts
These are open lines of credit or revolving credit. They usually have different balances that apply.
Promissory Notes
These types of accounts are like written contracts, but they have a set date that state when payments are due.
- Below are a list of state and their statute of limitations
ALABAMA
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 3 years
ALASKA
- Verbal – 6 years
- Written – 6 years
- Promissory – 3 years
- Opened – 3 years
ARIZONA
- Verbal – 3 years
- Written – 6 years
- Promissory – 6 years
- Opened – 3 years
ARKANSAS
- Verbal – 6 years
- Written – 6 years
- Promissory – 3 years
- Opened – 3 years
CALIFORNIA
- Verbal – 2 years
- Written – 4 years
- Promissory – 4 years
- Opened – 4 years
COLARADO
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 3 years
CONNETICUT
- Verbal – 3 years
- Written – 6 years
- Promissory – 6 years
- Opened – 3 years
DELAWARE
- Verbal – 3 years
- Written – 3 years
- Promissory – 3 years
- Opened – 4 years
FLORIDA
- Verbal – 4 years
- Written – 5 years
- Promissory – 5 years
- Opened – 4 years
GEORGIA
- Verbal – 4 years
- Written – 6 years
- Promissory - 6 years
- Opened – 6 years
HAWAII
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 6 years
IDAHO
- Verbal – 4 years
- Written – 5 years
- Promissory – 5 years
- Opened – 4 years
ILLINOIS
- Verbal – 5 years
- Written – 10 years
- Promissory – 10 years
- Opened – 5 years
INDIANA
- Verbal – 6 years
- Written – 10 years
- Promissory – 10 years
- Opened – 6 years
IOWA
- Verbal – 5 years
- Written – 10 years
- Promissory – 5 years
- Opened - 5 years
KANSAS
- Verbal - 3 years
- Written – 6 years
- Promissory – 5 years
- Opened – 3 years
KENTUCKY
- Verbal – 5 years
- Written – 15 years
- Promissory – 15 years
- Opened – 5 years
LOUISIANA
- Verbal – 10 years
- Written – 10 years
- Promissory – 10 years
- Opened – 3 years
MAINE
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 6 years
MARYLAND
- Verbal – 3 years
- Written – 3 years
- Promissory – 6 years
- Opened – 3 years
MASSACHUSETTS
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 6 years
MICHIGAN
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 6 years
MINNESOTA
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 6 years
MISSISSIPPI
- Verbal – 3 years
- Written – 3 years
- Promissory – 3 years
- Opened – 3 years
MISSOURI
- Verbal – 5 years
- Written – 10 years
- Promissory – 10 years
- Opened – 5 years
MONTANA
- Verbal – 5 years
- Written – 8 years
- Promissory – 8 years
- Opened – 8 years
NEBRASKA
- Verbal – 4 years
- Written – 5 years
- Promissory – 5 years
- Opened – 4 years
NEVADA
- Verbal – 4 years
- Written – 6 years
- Promissory – 3 years
- Opened – 4 years
NEW HAMPSHIRE
- Verbal – 3 years
- Written – 3 years
- Promissory – 6 years
- Opened – 3 years
NEW JERSEY
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 6 years
NEW MEXICO
- Verbal – 4 years
- Written – 6 years
- Promissory – 6 years
- Opened – 4 years
NEW YORK
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 6 years
NORTH CAROLINA
- Verbal – 3 years
- Written – 3 years
- Promissory – 5 years
- Opened – 3 years
NORTH DAKOTA
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 6 years
OHIO
- Verbal – 6 years
- Written – 15 years
- Promissory – 15 years
- Opened – 6 years
OKLAHOMA
- Verbal – 3 years
- Written – 5 years
- Promissory – 5 years
- Opened – 3 years
OREGON
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 6 years
PENNSYLVANIA
- Verbal – 4 years
- Written – 4 years
- Promissory – 4 years
- Opened – 4 years
RHODE ISLAND
- Verbal – 10 years
- Written – 5 years
- Promissory – 6 years
- Opened – 4 years
SOUTH CAROLINA
- Verbal – 3 years
- Written – 3 years
- Promissory – 3 years
- Opened – 3 years
SOUTH DAKOTA
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened – 6 years
TENNESSEE
- Verbal – 6 years
- Written – 6 years
- Promissory – 6 years
- Opened - 6 years
TEXAS
- Verbal – 4 years
- Written – 4 years
- Promissory – 4 years
- Opened – 4 years
UTAH
- Verbal – 4 years
- Written – 6 years
- Promissory – 6 years
- Opened – 4 years
VERMONT
- Verbal – 6 years
- Written – 6 years
- Promissory – 5 years
- Opened – 3 years
VIRGINIA
- Verbal – 3 years
- Written – 5 years
- Promissory – 6 years
- Opened – 3 years
WASHINGTON
- Verbal – 3 years
- Written – 6 years
- Promissory – 6 years
- Opened – 3 years
WEST VIRGINIA
- Verbal – 5 years
- Written – 10 years
- Promissory – 6 years
- Opened – 3 years
WISCONSIN
- Verbal – 6 years
- Written – 6 years
- Promissory – 10 years
- Opened – 6 years
WYOMING
- Verbal – 8 years
- Written – 10 years
- Promissory – 10 years
- Opened – 8 years
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