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Edelman Combs Latturner & Goodwin LLC
Question: How long does a credit card company have to come after you for money you owe to them? Is there a limit on the time that a credit card company can try to collect a debt?
Answer: In Illinois, the statute of limitations on a bank credit card is 5 years, measured from the later of default or last payment. The period applies regardless of whether the party trying to collect is the credit card company or a bad debt buyer. The plaintiff must file suit within the 5 years and use reasonable diligence to serve you before the 5 years expire. A different statute of limitations applies if the plaintiff obtains a judgment.