Benefits

• The statute of limitations on credit card debt eliminates worry that you could be sued decades later for an old credit card debt.
  
  

Misconceptions

• You remain liable for a credit card debt even if the statute of limitations for filing a lawsuit has expired. However, the debt collector's most powerful weapon--the threat of a lawsuit--is eliminated when the statute of limitations expires. The debt collector can still attempt to collect from you by contacting you by mail or telephone.
  
  

Warning

• There are various ways a statute of limitations can be reset. For example, the statute of limitations can be reset if you make a partial payment. The credit and debt website BCS Alliance recommends that you avoid any contact with your debt collector if the statute of limitations on your debt is about to expire. You can still choose to repay the debt after the expiration, if your choose. However, the threat of court action will have ended.