Comments on: Is credit card debt considered an open account or a written contract? http://raiseyourcreditnow.com/is-credit-card-debt-considered-an-open-account-or-a-written-contract/ Wed, 08 Sep 2010 07:18:02 +0000 http://wordpress.org/?v=2.7 hourly 1 By: Studly http://raiseyourcreditnow.com/is-credit-card-debt-considered-an-open-account-or-a-written-contract/comment-page-1/#comment-2460 Studly Sat, 26 Dec 2009 00:48:04 +0000 http://raiseyourcreditnow.com/is-credit-card-debt-considered-an-open-account-or-a-written-contract/#comment-2460 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://raiseyourcreditnow.com/is-credit-card-debt-considered-an-open-account-or-a-written-contract/comment-page-1/#comment-2459 spifiman1 Thu, 24 Dec 2009 10:44:29 +0000 http://raiseyourcreditnow.com/is-credit-card-debt-considered-an-open-account-or-a-written-contract/#comment-2459 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://raiseyourcreditnow.com/is-credit-card-debt-considered-an-open-account-or-a-written-contract/comment-page-1/#comment-2458 Angelic Julie Mon, 21 Dec 2009 12:05:40 +0000 http://raiseyourcreditnow.com/is-credit-card-debt-considered-an-open-account-or-a-written-contract/#comment-2458 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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