Usually, a charge-off occurs when an individual doesn’t make payments – usually for six months. This is more than just a credit card status though. It affects your relationship with your credit card issuer, your general credit standing, your ability to get a credit card or loan approved and other credit-related services...
These days, it seems like Americans just keep slipping further into debt. This is according to one of the key indicators used by analysts which is the Q2 2018 Household Debt, and Credit Report was done by the New York Federal Reserve. This report indicates that the grand sum of household debt in America has continued to increase for the 16th quarter in a row.