Question : Is credit card debt considered an open account or a written contract?
I live in the State of Georgia and am being sued over an old credit card that I defaulted on. It has been more than 4 years but less than 6 years since the date of default, so depending on whether credit card debt is considered an open account or a written contract in the State of Georgia, the Statute of Limitations may or may not apply. The Staute of Limitations is 4 years for open accounts and 6 years for written contracts. Does anyone know for certain which type applies for credit card debt in Georgia? The account is with Citibank MasterCard and was opened in the late 80's or early 90's. Thanks.
- asked by Stephen S
All Answers:
Answer #1
it's a written contract, that's why you sign arather lengthy terms & conditions declaration whenyou take out the credit card - read the smallprint
- answered by Angelic Julie
Answer #2
Sorry man, but it's a written contract. Rememberthat long piece of paper you signed that saidterms and conditions?
- answered by spifiman1
Answer #3
Spiff! Man you are starting to disappoint mesomething terrible!The definition of a "written"contact is one where all of the payment issues arecompletely spelled out. The monthly payments, thetimeframe, everything. An "open" or "revolving"credit line does not fall into this catagorybecause the terms of the agreement change everymonth. One month you owe $200, and the next youowe $400.....and each month you have a varyingamount of payment. You can pay it off, and thenrun it right back up again....that's why they callit a 'revolving" line of credit.This is alsoclearly spelled out in the US UCC codes, and manystates specifically label credit card debts asopen accounts. Georgia is one state thatspecifically labels credit cards as NOT being awritten contract. Please refer to the linkbelow.Once again....poor answers with no source ofinformation cause a lot of damage here on Yahoo. If they don't provide you with a source forfurther examination it's best not to believe it.
- answered by Studly
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