Time is one of the most important factors related to credit card debt. Your level of delinquency, the state of your credit report, whether you can be successfully sued for what you owe: each of these things depends on time. This, in and of itself, is not confusing; however, the nuances and state-by-state variations characterizing the relationship between debt and time are.
Nevertheless, it’s important that you understand them in order to avoid a lawsuit, minimize credit score damage, and stick up for your consumer rights. And while things certainly change throughout the process, as you’ll see below, it all starts with the statute of limitations.