2009 all over again? Surge in unpaid credit card bills compromises Americans’ financial future
Posted: Fri Jun 09, 2017 11:46 am
Clark Howard - 6/9/2017 - Theo Thimou - More and more Americans are missing their credit card payments for so long that the banks are writing off those debts as losses. What are called “credit card charge-offs” in the industry are increasing at the fastest rate since 2009 when we were right in the teeth of the Great Recession. Here’s the deal on charge-offs: The banks won’t charge your debt off until it goes unpaid for 180 days, per the IRS. But once they do, this is not a get out of jail free card for you! You’re still responsible for making good on the debt. So while it may sound in theory like both you and the bank wash your hands of the debt after a charge-off, nothing could be further from the truth. Read more @ http://clark.com/personal-finance-credi ... -the-rise/