Statute of Limitations for credit card debts

Snow angel,

SOL is a particular time period after which a debt is legally declared to be non-collectable. This is the easiest definition of SOL I think ;)

SOL depends on the type of the debt you owe. Written agreement, verbal agreement, judgment all have different SOL and it varies for different states as well. The countdown starts from the date of last activity seen in the account. Say you have credit card debt and you paid towards it in January, 2005. Then SOL will start from that day only.

Now if you make any payments for this account, the clock will restart. You can visit this thread to know the Statute of Limitation for different types of accounts in your state-

http://forums.debtcc.com/forums/state-sol.html

Hi snow_angel, the SOL depends on which state you live in. I thought for a long time, that it was five years but found out that since I live in Tennessee, its six. So it really depends on where you live, you will have to check it out for your state.
also, when does it begin? It begins from the date of your last activity. You can find that on your credit report. hope I have helped. shirley

Thank you both, you were so helpful to me. I too live in a state allowing a six year SOL.

Now I don't suggest we all move to a state with a short SOL but does anyone happen to know if the SOL depends on the state in which the credit card was approved or in the debtor's current state?

If I'm not mistaken, its the state that the DEBTOR lives in.. Now I may stand corrected, but this is my understanding. :D