Is there a time limit for collection of a charge off credit card debt?

From my recent experience, a creditor has 5 years only to collect a debt. If it has been 1 day under 5 years it is still valid.

There are time limits to persue leagl action against the customer. That is known as the statute of limitations, state-wise. The account can only stay on the credit report for 7 years after the first date of delinquency, usually 120 days before the charge off date. This is the statute of limitations, federal-wise. Collections efforts however can always continue until the account is paid.