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    Josh Finkle's Avatar
    Josh Finkle Posts: 1, Reputation: 1
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    #1

    Dec 5, 2008, 12:43 PM
    What is the statute of limitations in Illinois for credit card debt?
    What is the statute of limitations for credit card debt in Illinois. Capital One Bank filed suit 5 years and 7 1/2 months after the last payment/transaction on the account. Isn't that subject to dismissal as beyond the five year (I beleive) limitations period in Illinois?
    Justwantfair's Avatar
    Justwantfair Posts: 3,422, Reputation: 944
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    Dec 5, 2008, 12:54 PM

    Open-ended Accounts: These are revolving lines of credit with varying balances. The best example is a credit card account. Please note: a credit card is ALWAYS an open account. This is established under the Truth-in-Lending Act:

    Definitions and rules of construction(I) The term “open end credit plan” means a plan under which the creditor reasonably contemplates repeated transactions, which prescribes the terms of such transactions, and which provides for a finance charge which may be computed from time to time on the outstanding unpaid balance. A credit plan which is an open end credit plan within the meaning of the preceding sentence is an open end credit plan even if credit information is verified from time to time.
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