Comments on: Is credit card debt considered an open account or a written contract? http://consolidatecredit-debt.com/is-credit-card-debt-considered-an-open-account-or-a-written-contract/ Debt Advice and Solutions Mon, 09 Nov 2009 02:43:11 +0000 hourly 1 http://wordpress.org/?v=3.1.2 By: Studly http://consolidatecredit-debt.com/is-credit-card-debt-considered-an-open-account-or-a-written-contract/comment-page-1/#comment-6748 Studly Thu, 29 Oct 2009 15:42:08 +0000 http://consolidatecredit-debt.com/is-credit-card-debt-considered-an-open-account-or-a-written-contract#comment-6748 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.

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