The Credit Card Statute Limitations Hack, Explained 2024

Don't want to pay your credit cards? I'm going to answer the question of how long credit card companies can legally try to collect debt from you. We'll also discuss some steps you can take to avoid getting sued and paying unnecessarily high-interest rates on your debt.

Credit card companies can try to collect a debt from you for up to 3+ years after the original due date, but there are some things you can do to prevent them from suing you and getting their hands on your hard-earned money. Stay up to date on your credit card company's statute of limitations and make sure you understand their debt collection practices to avoid paying too much for your credit cards and ending up in debt trouble!

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▶️The Fair Debt Collection Practices Act (FDCPA) (15 USC 1692 et seq.), which became effective in March 1978, was designed to eliminate abusive, deceptive, and unfair debt collection practices.

▶️Fair Debt Collection Practices Act
15 USC 1692c + 15 USC 1692d
https://www.ftc.gov/legal-library/browse/rules/fair-debt-collection-practices-act-text

▶️The Fair Credit Reporting Act (FCRA) is a federal law regulating the collection and use of specific information related to the financial credit history of an individual consumer.
https://www.ftc.gov/legal-library/browse/statutes/fair-credit-reporting-act

▶️Status of limitations by state
https://www.thebalancemoney.com/state-by-state-list-of-statute-of-limitations-on-debt-960881

▶️Book Recommendation - ▶️ https://amzn.to/3ZfOK53
The Do-It-Yourself Bailout: How I Eliminated $222,000 of Credit Card Debt in Eighteen Months and Saved Nearly $150,000

▶️Fred Credit Card Usage Chart
https://fred.stlouisfed.org/series/CCLACBW027SBOG

▶️Lending Tree Chart of interest rates
https://www.lendingtree.com/credit-cards/average-credit-card-interest-rate-in-america/

▶️https://dfpi.ca.gov/division-of-consumer-financial-protection/

▶️NMLS Consumer access
https://www.nmlsconsumeraccess.org/
The Department of Financial Protection and Innovation (DFPI) provides licensure, regulation, and oversight of California debt collection practices under the California Consumer Financial Protection Law and the Debt Collection Licensing Act.

▶️File a California Complaint https://dfpi.ca.gov/file-a-complaint/

▶️Great article to read
https://library.nclc.org/article/shortening-limitations-period-credit-card-collection-lawsuits

CFPB creditor card user agreement that you can use to choose arbitration
https://www.consumerfinance.gov/credit-cards/agreements/

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▶️Find a lawyer
https://www.consumeradvocates.org/
▶️Look for lawyers that specialize in NACA
https://www.consumeradvocates.org/news-resources/attorney-resources/practice-areas/debt-collection/
Disclaimer:
Due to factors beyond the control of RandomFix, RandomFix assumes no liability. Affiliate Partner: I may receive a fee from some of my affiliate partners for my first-hand recommendations.

0:00 Understanding the credit card statute of limitations and how it can benefit you in avoiding debt.
7:25 Rising interest rates on credit cards can trap individuals in debt, but there are ways to escape the cycle.
14:37 Managing credit card debt and considering cash purchases.
22:50 Understanding debt collection letters and rules, including debt sale practices.
29:42 Understanding the guarantees and warnings when creditors sell debt to junk debt buyers, and the importance of detailed proof in debt collection.
37:30 Avoid being served legal notices by using a PO box at the US Postal Service.
45:02 Financial preparedness with LegalShield for potential legal issues.
52:40 Avoid debt collector scams by understanding credit card statute of limitations.
1:00:24 Banks use registration as NAs to bypass state interest rate limits, affecting consumers nationwide.
1:07:57 Avoid paying debt by proving insolvency on the date of the 1099 letter.
1:15:37 Avoid legal consequences by understanding the statute of limitations for credit card debt.
1:22:50 Tips on dealing with debt collectors and credit card statute of limitations.
1:30:51 Empower yourself with knowledge to outsmart debt collectors and protect your rights.

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