MidHudson News is reporting New York Attorney General Letitia James recently advised the largest credit card companies and major debt collectors operating in New York of new state regulations that prevent them from suing consumers for old debts. A new law protecting debtors goes into effect in April. The Consumer Credit Fairness Act of 2021 reduces the statute of limitations for consumer debt collection from six years to three years. James said, “Abusive debt collection practices of the past hurt low- and moderate-income New Yorkers the most and buried them deeper into financial struggles. I urge any New Yorker who feels that they have been a victim of improper debt collection to contact my office. Consumers have rights and my office is committed to protecting them.” Effective April 7, creditors cannot sue or make a threat to sue consumers over debts that are older than three years, down from six years. Plus, any payment a consumer makes after that three-year period cannot be used to revive the time-barred debt. James warned consumers that if they make a payment on a more than 3-year-old debt before April 7, that payment may renew the creditor’s ability to sue them for the full amount of the old debt. Read the full story at MidHudsonNews [dot] com.