What is the statute of limitations on credit card debt?

The statute of limitations on credit card debt in North Carolina is three years from the date of the last payment. This means that creditors have three years from the date of the last payment to sue to collect the debt. After three years have passed, creditors can no longer take legal action to collect the debt and it can no longer be reported to the credit bureaus. It is important to note that the statute of limitations does not erase the debt or make it disappear. It is simply an expiration date after which legal action can no longer be taken against the consumer. Even after the statute of limitations has expired, creditors are still allowed to contact the consumer and attempt to collect the debt but they cannot take them to court. In North Carolina, the Consumer Debt Defense Law also offers some additional protection for consumers. This law states that the statute of limitations does not apply if the consumer has been making payments towards the debt within the last three years. This means that even if it has been three years since the last payment, creditors can still take legal action if the consumer has been making some kind of payment towards the debt. It is important for consumers to understand how the statute of limitations works in their state when it comes to credit card debt and other kinds of debt. Knowledge of the laws can help protect consumers from aggressive creditors and from being sued to collect a debt that is beyond the statute of limitations.

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What is the statute of limitations on credit card debt?

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