Cards 'Charged off', What's next ?

[OHBOY]

Just looked at my credit report and I see that all credit cards have been 'charged off' to include: Chase, Citi, Cap1, Discover, HSBC, and the latest is 'Sears' who is listing it as 'bad debt, charged off'.

So now I am wondering: What's the significance of 'them' writing the debt off, and reporting it as 'Charged off' ?

[OHBOY]

Ok........no need for anybody to reply........did some online reading after posting, and now 'get the picture' ....should have done my own research prior to posting...call it a 'senior moment'/or whatever....sorry

[ryan]

Just so others who may stumble on this thread will know: 'Charged Off' is an accounting term and is a requirement for banks to do when debt is unpaid for a specific period of time. It does NOT mean that the creditor will no longer pursue collection, or that the debtor no longer owes the money, etc.

[AngelinaCatHub]

Just so others who may stumble on this thread will know: 'Charged Off' is an accounting term and is a requirement for banks to do when debt is unpaid for a specific period of time. It does NOT mean that the creditor will no longer pursue collection, or that the debtor no longer owes the money, etc.

Thanks Ryan as I was about to comment the same. Also, bk does not mean you no longer owe the debt. You do. It means that you have been legally "forgiven" of that payment and any before the time of filing. You will always "owe" what loaned money you borrowed, but that you have been given a second chance NOT TO MAKE THAT SAME MISTAKE!!". 'Hub