You have a lot of debt, and you're not sure what to do about it. You've heard the term "charge-off" but don't know what it means.
A charge-off is when a creditor has decided to write off your debt as uncollectible. This doesn't mean that the debt disappears - it simply goes onto your credit report as a charge-off account.
Don't panic! A charge-off can have a negative impact on your credit score, but there are things you can do to improve your credit score and get help from a financial coach. In this episode, we'll discuss what charge-offs are and how they can affect your credit score. We'll also talk about how you can get help from a financial coach.
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