Tucson Bankruptcy Blog

Truth In Lending Act – Understanding Your Consumer Rights

TILA requires lenders to fully disclose the terms of the credit being offered including full transparency concerning: (1) interest rates, (2) the amount/percentage required to satisfy the loan, (3) time limits, (4) penalties, and (5) loan ownership. TILA allows consumers to file suit against lenders that attempt to claim a term or condition on a loan that they never disclosed.

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Six Year Statute of Limitations for Collecting on Credit Card Debt

Arizona statute of limitations on credit card debt is six years. Merely missing a payment does not start the clock on the statute of limitations. Unless there are contrary terms in the credit card account agreement, the lender must accelerate the debt or demand full payment for the clock on the statute of limitations to start running.

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