Re: WHY CHAT or anyone, What is a 'revolving line of account' ?

Posted by Why Chat (209.240.205.61) on February 21, 2004 at 18:22:16:

In Reply to: WHY CHAT or anyone, What is a 'revolving line of account' ? posted by sinting on February 21, 2004 at 17:55:27:

A revolving line of credit is one in which as you pay each month the amount of credit you have increases and you can re-use the credit -it is also called an open-end credit agreement as it does not have a fixed term for repayment of a fixed amount at a fixed interest rate, those are called closed-end contracts, or installment loan contracts or written contracts, (the "written" part refers to the closed end terms, not to the physical fact of being written).

And no, the SOL does not restart when an account is sold or assigned, even if you make a payment, UNLESS you sign and the creditor ALSO signs a NEW agreement.

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