As a consumer and participant in various debt related internet forums, one concern that is continually discussed, is the disparity in the statute of limitations for credit card debt lawsuits among the different states. The statute of limitations for credit card debt is undefined in many states. Many creditors sue on the basis of a written contract, resulting in an unreasonably long limitations period. Some states treat credit cards as an account stated, resulting in a much shorter limitations period in many cases. The end result is, in one state a debtor may be subject to litigation for 3 years, while in another state it might be 15 years. Many consumers feel this is unequal, and some standardization should be in place. The logical limitation period, would be 7 years, and coincide with the reporting period provided in the Fair Credit Reporting Act.
"Protecting Consumers in Debt Collection Litigation and Arbitration: A Roundtable Discussion" - August 5 and 6, 2009 #542930-00004
"Protecting Consumers in Debt Collection Litigation and Arbitration: A Roundtable Discussion" - August 5 and 6, 2009