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What Is the Statute of Limitations on Credit Card Debt?

Question: What is the Statute of Limitations on credit card debt? I am being sued by a firm for a debt that is over 3 years old. The research I have done online says that the statute of limitations for a credit card debt is 3 years. Can they legally sue me over this debt?


Answer: In Illinois, the statute of limitations is five years for a contract that is not wholly in writing, such as a credit card. Some states will apply the statute of the creditor’s incorporation or principal location, which often may be 3 years (Delaware, for example). However, Illinois applies the law of the forum (Illinois if you are sued here) unless neither party was a resident of Illinois when the cause of action accrued (when you defaulted on the card). The statute is measured from the date of default or the last payment, whichever is later.

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