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Debt Classification
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Is the Statute of Limitations on credit card debt determined by the state in which I now live or the state where I lived when the debt was incurred? And in Ohio (or anywhere), is credit card debt legally considered "open-ended" or "written"? Thanks
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(08/28/08):
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The Federal Law - TILA (Truth In Lending Act) places credit cards as open accounts. (note § 101, § 102 and § 103)
http://www.fdic.gov/regulation...
But that doesn't keep lawyers from often arguing otherwise and perhaps winning points.
The Statute of Limitations that applies is the state in which the debt occ...
http://www.fdic.gov/regulation...
But that doesn't keep lawyers from often arguing otherwise and perhaps winning points.
The Statute of Limitations that applies is the state in which the debt occ...
