What is the statute of limitations on credit card debt?

In California, there is a four-year statute of limitations on credit card debt. This means that creditors have four years from the date of your last payment to take legal action against you for nonpayment on the debt. However, it is important to note that the statute of limitations does not erase the debt altogether. Rather, it only limits the period of time when a creditor can take legal action against you for nonpayment on the debt. Once the four-year period ends, the debt still exists and you are still responsible for paying it back. It is also important to note that this statute of limitations can be reset in some circumstances. If you make a payment or even acknowledge the debt in writing, the clock will start over from the date of your last payment or acknowledgment. This means that if you make a payment on your credit card debt after the four-year statute of limitations has passed, the creditor can then take legal action against you for nonpayment on the debt. Therefore, it is important to be aware of the statute of limitations on credit card debt in California. Knowing the statute of limitations will help you understand your rights and obligations in regards to the debt.

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What is the statute of limitations on credit card debt?

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