What is the statute of limitations on credit card debt in my state?

In South Carolina, the statute of limitation on credit card debt is three years. This means you, as a consumer, have three years from the date of the last charge or payment to dispute a credit card debt. This is in accordance with the state’s Fair Debt Collection Practices Act, which outlines the rules and regulations of credit card collection activities. After three years have passed, the credit card company is no longer able to file a lawsuit against you for that debt, and any debts older than three years are no longer collectible. Your credit card company may still attempt to collect a debt that is over three years old, but you are protected by the law from having to pay it. If a debt collector contacts you and attempts to collect a debt that is over three years old, you should inform them of the statute of limitation and provide them with the dates of the last charge or payment. You can also submit a written dispute letter to the company containing the same information. It is important to note that the statute of limitation on credit card debt does not erase the debt. If you owe a debt that is over three years old, you are still responsible for paying it. However, you now have the legal protection to dispute and, ultimately, decline collections on the debt.

Related FAQs

How does the Equal Credit Opportunity Act protect credit card consumers?
How can I review and understand the terms and conditions of my credit card agreement?
What can I do if I am being harassed by debt collectors?
What are my rights when disputing a credit card charge?
How can I find out what the legal limits are for a credit card dispute?
How does the Electronic Fund Transfer Act protect credit card consumers?
Are credit card companies required to follow certain procedures during dispute resolution?
How can I protect myself from errors and fraudulent charges on my credit card?
What do I need to know about annual percentage rates for credit cards?
What are the federal laws governing credit cards?

What is the statute of limitations on credit card debt in my state?

Related FAQs

Related Blog Posts