Porsche's first fully electric electric production car, the Mission E, will be offered in three power levels, Britain's CAR magazine has learned. The fully electric sedan, due on sale in 2019, ...
What Is a Credit Card Debt Write-Off? When a credit card company decides that it has little or no chance of collecting a debt, it will write it off as a loss. Essentially, a credit card debt write-off is an accounting tool that allows the creditor to declare the debt a worthless asset and deduct it as a loss.
According to the credit reporting agency Experian, this is how it works: The debt starts as a current, never late account. As you get behind on the payments, it is typically reported as being 30, 60, 90, and then 120 days late. At that point the creditor is likely to charge off the debt. Its status will be changed to âcharged offâ and âsold to collections.â âCharged offâ and âsold to collectionsâ are both considered a final status. Although the account is no longer active, it stays on your credit report.