Do you have a credit card bill that has gotten to the point where they are going to charge it off? The biggest question you may have is whether or not having the charge-off will affect your credit score. The truth is your bill is already delinquent and chances are your credit score has already taken a hit. The best thing to do is to focus on how you can repair the situation as best as possible because your goal is to have a great credit rating and from time to time we all have problems with our credit score.
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The debt that you have may be written off by the creditor but it is still a debt that the creditor will sell to another collector for a large discount. What usually will happen is that you will receive harassing call from the creditor who has just purchased your debt for 15% of what is owed. So what they want to do is collect 20% or more and they just have made money and this keeps going on and on.
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A important fact to know is that after the last payment you have made on the debt any creditor has 4 years to collect on any debt from you. After the 4 year period they can not harass you or contact you in any way you can sue them for this in many states.
The best thing to due if facing a Charge-off debt is to move forward and start to repair the damage as soon as possible. It is always great to become debt free and sleep at night
