
What does it mean if your debt is charged off as bad debt?
When a debt has been charged off, that doesn’t mean it’s wiped away.
Jennifer Calonia is an L.A.-based writer and editor. Over the past decade, she's covered topics like debt, saving money, credit cards, and lifestyle. You can find her work featured on publications like Business Insider, Forbes, HuffPost, U.S. News and World Report and more.
When a debt has been charged off, that doesn’t mean it’s wiped away.
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As of the second quarter of 2022, the amount of consumer debt in the United States totaled over $16 trillion. Many Americans face extreme financial hardships, regardless of age, education and income level [...]