MINIMUM WAGEThe federal minimum wage for covered nonexempt employees is $7.25 per hour effective July 24, 2009. The federal minimum wage provisions are contained in the Fair Labor Standards Act (FLSA). Many states, like New York, also have minimum wage laws.

Statute of Limitations: This is a fancy term for "time limit to sue." The statute of limitations for credit card actions in New York is six years.  If your credit card company does not file by then, they can't sue. For more background, see the New York statute of limitations laws for different actions, including lawsuits based on credit card default.