Q: What does the six year statute of limitatiion mean for credit card debt in NJ? When does the time period start?
I have two judgments against me .
A: The 6 years start when the debt goes into default, which is usually when one misses or makes their last payment. This does not invalidate the debt or stop the creditor from trying to collect and/or reporting it to the credit bureaus - it just prevents them from using the courts to help. Be careful about being tricked by collections agencies - occasionally, a collector will persuade a debtor to make a "minimum payment" (which can be a dollar) and then the 6 years start over - even if the statute had previously run.
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