Most people use credit cards either for their perks or financial need. As a result, numerous Illinois residents have credit card debt that they are struggling to repay. When debts aren’t paid, creditors can take legal action in an effort to recover the funds owed them, but they only have so much time in which they can do this. 

When it comes to credit card debt, specifically, according to a recently published article, creditors only have five years to pursue repayment through legal means. This statute of limitations is just for the state of Illinois. Every state has different laws regarding this issue. 

What exactly does this mean? It means that, as soon as a person stops making payments on an account, creditors then have five years to sue if they wish to go this route. Once the five years are up, they lose their chance to recover their losses through legal means — that is, unless they can get a debtor to make a payment, which would then restart the clock, so the speak. 

Creditors who deem it necessary will go as far as taking legal action against their borrowers. If they choose not to, they can continue doing what they likely already are — contacting debtors via phone, email, text or mail to attempt to collect. There is no statute of limitations when it comes to reaching out to consumers about their credit card debt.

Those in Illinois who are being sued by their creditors, or who are victims of creditor harassment, have the right to seek assistance in order to fight the matter. An experienced bankruptcy law attorney can help with these particular issues. Legal counsel can also assist a client in pursuing credit card debt relief, which may be achieved in a number of ways.