Credit card debts

Discussion in 'Credit Talk' started by Senators1, May 18, 2001.

  1. Senators1

    Senators1 Member

    My question is in regards to credit card debts (Visa, Mastercard).
    Are credit card debts considered "open ended accounts", or "written contracts"? I have recently been contacted by collection agencies, attempting to collect on two old Visa card debts. I last paid any creditor in late 1996. The question on whether credit cards are "open ended" or "written contracts" is an important issue, as it would determine which Statute of Limitations would apply.
    I did speak to an attorney recently. He said all credit card debts are "written contracts". Does anyone here have a different view or opinion?
    Thank you very much!
  2. DaveLV

    DaveLV Well-Known Member

    I've heard from a number of different sources that credit card accounts are open ended. I've never heard this directly from an attorney though.
  3. Senators1

    Senators1 Member

    Thank you for your response! I, too, thought credit card debts, were considered "open ended". However, based on the attorney I spoke with, credit card debts are "written contracts". Here is an interesting website on the Statute of Limitations:

    This site breaks down the different kinds of debts, and statute of limitations, for each state. This site also indicates, credit card debts are "open ended". I thought a "written contract", would apply to a loan or installment. If a credit card debt is a "written contract", I wonder what kind of debt would be considered to be an "open ended account"?

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