Like most other states, New Jersey law has a statute of limitations in place for credit card debt owed by consumers. The statute of limitations is designed to limit creditors to only being able to sue a debtor within a specified time period.
Ask anyone in Trenton and they will tell you what we all already know: life is expensive. From rent or mortgage payments to the cost of raising a child to medical bills, it is no wonder that so many people are in debt. What was once something that carried considerable shame, credit card debt is a reality for many people in New Jersey. And while we eliminated $32.5 billion of credit card debt last quarter, we will likely add $42 billion in credit card debt by the end of the year.