Mississippi Laws Concerning Credit Card Debt

Mississippi State Statue 15-1.29 relates to credit card debt.

Debt collectors can pursue payment of a credit card debt indefinitely, but cannot use the courts to do so once the overdue bill is three years old, according to Mississippi state statute 15-1.29. Other state and federal laws also regulate additional aspects of credit card debt.

Expert Insight

Mississippians sued for an old credit card debt should go to court and inform the judge of the situation in order to determine if the case can be dismissed, advises the Credit Cards website.

Credit Reporting Time Frame

Mississippi residents who didn't pay their credit card bills as promised won't suffer from negative reporting indefinitely under state and federal laws, according to Experian. Legally, a negative debt such as a credit card not paid on time can only be reflected on a credit report for seven years from the original date of delinquency.

Credit Reporting Rights

Mississippi residents who feel they are victims of identity theft or inaccurate credit reporting information can dispute the data under the Fair Credit Reporting Act, according to the Federal Trade Commission. They also have the right to review one free credit report each year to ensure that their credit card accounts and other information report accurately.

Fun Fact

Despite the economic downturn, in 2010 Mississippians were keeping their credit card debt loads lower than the rest of the nation, according to the Mississippi Business Journal. They owed about $6,272 per person in credit card debt, as opposed to the national average of $7,701 per person.

References

• Credit Cards: Mississippi
• Mississippi Code: 15-1.29
• Experian: Frequently Asked Credit Dispute Questions
• Mississippi Business Journal: State Has Lowest Credit Card Debt
• FTC: How to Dispute Credit Report Errors