Comments on: Is credit card debt considered an open account or a written contract? http://creditopics.com/creditbuzz/credit/is-credit-card-debt-considered-an-open-account-or-a-written-contract/ Tue, 25 Oct 2011 06:01:43 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Studly http://creditopics.com/creditbuzz/credit/is-credit-card-debt-considered-an-open-account-or-a-written-contract/comment-page-1/#comment-507 Studly Fri, 07 Nov 2008 03:50:35 +0000 http://creditopics.com/creditbuzz/credit/is-credit-card-debt-considered-an-open-account-or-a-written-contract/#comment-507 Spiff! Man you are starting to disappoint me something terrible! The definition of a "written" contact is one where all of the payment issues are completely spelled out. The monthly payments, the timeframe, everything. An "open" or "revolving" credit line does not fall into this catagory because the terms of the agreement change every month. One month you owe $200, and the next you owe $400.....and each month you have a varying amount of payment. You can pay it off, and then run it right back up again....that's why they call it a 'revolving" line of credit. This is also clearly spelled out in the US UCC codes, and many states specifically label credit card debts as open accounts. Georgia is one state that specifically labels credit cards as NOT being a written contract. Please refer to the link below. Once again....poor answers with no source of information cause a lot of damage here on Yahoo. If they don't provide you with a source for further examination it's best not to believe it.
Spiff! Man you are starting to disappoint me something terrible!

The definition of a “written” contact is one where all of the payment issues are completely spelled out. The monthly payments, the timeframe, everything.

An “open” or “revolving” credit line does not fall into this catagory because the terms of the agreement change every month. One month you owe $200, and the next you owe $400…..and each month you have a varying amount of payment. You can pay it off, and then run it right back up again….that’s why they call it a ‘revolving” line of credit.

This is also clearly spelled out in the US UCC codes, and many states specifically label credit card debts as open accounts.

Georgia is one state that specifically labels credit cards as NOT being a written contract. Please refer to the link below.

Once again….poor answers with no source of information cause a lot of damage here on Yahoo. If they don’t provide you with a source for further examination it’s best not to believe it.

]]> By: spifiman1 http://creditopics.com/creditbuzz/credit/is-credit-card-debt-considered-an-open-account-or-a-written-contract/comment-page-1/#comment-506 spifiman1 Thu, 06 Nov 2008 14:32:41 +0000 http://creditopics.com/creditbuzz/credit/is-credit-card-debt-considered-an-open-account-or-a-written-contract/#comment-506 Sorry man, but it's a written contract. Remember that long piece of paper you signed that said terms and conditions?
Sorry man, but it’s a written contract.

Remember that long piece of paper you signed that said terms and conditions?

]]> By: Angelic Julie http://creditopics.com/creditbuzz/credit/is-credit-card-debt-considered-an-open-account-or-a-written-contract/comment-page-1/#comment-505 Angelic Julie Tue, 04 Nov 2008 17:01:21 +0000 http://creditopics.com/creditbuzz/credit/is-credit-card-debt-considered-an-open-account-or-a-written-contract/#comment-505 it's a written contract, that's why you sign a rather lengthy terms & conditions declaration when you take out the credit card - read the small print
it’s a written contract, that’s why you sign a rather lengthy terms & conditions declaration when you take out the credit card – read the small print

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