Statute of limitations on credit card debt?

[so_luckydd]

Is there a statute of limitations on credit card debt collection? Accounts were closed in 1999. What happened was ex maxed out five cards with atm transactions before leaving in 1998. I cashed in retirement money and settled four, ran out of money for fifth. These were all settled in 2000. Was negotiating for settlement on this last one when they cut off contact in 2000. Just heard from another collection agency who purchased this account. They want payment of this old account.

[pfloydie]

There are different issues which your question refers to.

1) There are limitations on the amount of time the creditor or owner of a debt can sue a debtor who has defaulted on his loan. Those dates vary by state.

2) Unless the creditor removes the negative reporting (which can happen through negotiation); federal law states that the negative information should only stay for 7 years; however, that is usually from date of last activity.