Debt collection interest question

It is very difficult for me to figure out the legal rate of interest that collection agencies are allowed to charge on a default credit card account. There is no contract or agreement that stipulates a default rate of interest to be charged. The account has been through so many different collection agencies then bought and sold etc... I can't figure out how these CA do thier interest calculations. How can I find out?

Okay, just FYI...If no contract or agreement stipulates interest, Colorado legal rate of interest is 8% per annum to licenced CA in the state. I lived in Missouri prior to Colorado, so I guess I will have to figure out what the legal rate of interest is in that state because I resided there during the time the account was with those collection agencies?

How long can the Original Creditor continue to charge interest at the penalty rate & all of those monthly fees before finally charging off the account.

When was your last payment on this account? It could be out of SOL, so you may not owe them anything, legally.

The interest rate is determined by the cardholder agreement. It usually does not have a number but a formula, i.e. prime plus X. When it gets sold to a CA, it might revert to the statutory rate. Either way, it is tough to tell but if you ask they should be able to tell you.

And the SOL passing does NOT mean that you don't owe. It just means they can't sue you to collect. Big difference.