Credit card debt can rack up quickly, forcing a consumer to become delinquent on this debt. But even if you do become delinquent on a credit card account in Minnesota, you won't legally owe the money forever, thanks to the statute of limitations.
Types
Minnesota recognizes four types of debt for its statute of limitation on debt: open-ended accounts, oral accounts, written accounts and promissory notes.
Identification
Credit card debt fits under the definition of an open-ended account, because of its revolving nature. These accounts have a statute of limitations of six years in Minnesota. All other loans have an end date, which is when the loan is paid off; but a credit card account continues until either the borrower or the lender closes the account. Until that time, the card holder can borrow from the remaining credit limit and pay it back.
Benefits
Once the six year statute of limitations is up, you are no longer legally liable for the debt and cannot be forced to pay by the court system. This is true even if you move to a state with a longer statute of limitations for open-ended accounts.
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