A credit card charge-off happens when a credit card company no longer considers the debt to be an asset, i.e., the creditor has written it off as a loss. It's important to remember, though, the debt is still owed. While no additional charges and in some cases no additional interest charges will be added to the account, the charge-off status will be reported to credit reporting agencies and could negatively impact your credit score.
What Is a Credit Card Charge-Off?
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