Limitations of fees and interest

[c.consumer]

What is the name of your state?What is the name of your state?What is the name of your state?NJ
Is there legal limitations on what credit card company may charge against a charge-off account that is 3 yrs old? I was in a bad situation for the last 3 yrs and currently starting to repay creditors. A major credit card company however, is demanding 6 times the original amount thru their very aggressive attorneys. When I studied my credit reports this major credit card company is the only one charging 6 times the original amount. Which seemed insane and the attorneys for this credit card company has no intention of compromising. What should I do?
Thanks for the advice.

 

[Ladynred]

They can charge the default rate that was specified in your original credit card agreement. You might want to check into your state's usuary laws, as some collection agencies/creditors DO go beyond the legally allowed maximum rate.

 

[c.consumer]

Thanks for the advice ladynred.