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Q:
When does the time clock start on statue of limitations?

The statute of limitations for credit card debt is four years in my state. When does the time clock start? When it expires, does that mean that I don’t owe the money anymore? -Chad

Chad,

Generally, the clock starts on the date of your last activity. Please be aware that there are many actions that could “restart” the clock. To learn your state's laws, contact your local consumer protection office. For a list of state and county consumer protection offices, please visit the Federal Citizen Information Center's Web site.

To answer your second question, if the statute of limitations does expire, it doesn’t mean you don't owe the money. You still do. It just means a creditor can't obtain a judgment against you if you challenge the debt in court because it is past the statute of limitations.

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