Debt Relief - Debt Reduction » credit card debt

Is credit card debt considered an open account or a written contract?

admin — Sat, 13 Mar 2010 01:53:59 +0000

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.

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.

Selling home, making a profit – better to pay off credit card debt or put money into new home?

admin — Fri, 26 Feb 2010 01:53:59 +0000

I have some credit debt left and I’m wondering if I should put the extra money I make from selling my home into the new house I’m purchasing or if I should go ahead and pay off the credit card debt. What is a smarter decision?
Just wanted to say I’m not late on my credit card bills, just wondering if I should go ahead and pay them off in full right away

Have you lived in it for at least 2 of the last 5 years? If so, there’s no capital gains tax from the IRS, and the money is yours to spend as you wish.

Glenn is correct – This all depends upon what you’ll do with these newly cleaned up credit cards….. It’s a falacy that people can get out of debt by placing all their credit card debt onto their house. They usually run up their cards again in a few years and are then worse off than before.

Put the money to the house. Start paying EXTRA to your credit cards. Start cutting up your credit cards. Then start sending extra to your house.

FREEDOM!!!!!!

What is the best way to pay off credit card debt?

admin — Thu, 21 Jan 2010 01:53:59 +0000

I’ve heard of companies like cureadebt.com that will settle your credit card debts for 70% of the amount owed. I’ve also heard of government grants to pay unsecured debt(credit cards), but I don’t know where to get the info on them. I’m considering a second mortgage to pay these off with a lower interest rate. Thoughts?

We no longer use credit cards, so the balance only increases because of high interest rates.

Transfer your current credit card balance to an interest free card. This usually gives 9 months to pay off. Make paying off the debt your main priority above everything else. If you have balance at the end of the 9 months on the said card, transfer to another of the same free interest.By the way the credit card should not be used for any more purchases whatever. The sole purpose is to pay over all monies owing