Reports show that credit card delinquencies have been down for the past two years. In fact, this is the first spike in charge offs in the past five quarters.
There are misconceptions about charged off credit card. One common misunderstanding is that you are no longer responsible for the balance of your debt. While this may not be at all true, it is not far from the truth either.
Let us understand charge offs better. The accounts are often sold to third-party debt collectors for a fraction of your debt. The collectors will then pursue in collecting the payment from you via traditional means. They can even file a suit to obtain a judgment, if the situation calls for it. This is why it is very important that you seek the advice of an experience debt negotiation attorney if your credit card debt has been charged off. This allows you to explore your options in settling these debts. With a great attorney by your side, you can avoid costly litigation and quickly find more reasonable and practical settlement.
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