What does it mean when a debt is charged off?

When a debt is charged off, it means that the lender has deemed it as uncollectible from the borrower. However, this does not mean that you are off the hook for the debt. It remains valid and can still be subject to collection efforts. It’s important to understand that a charged-off debt can have a negative impact on your credit score and financial well-being. If you’re facing a charged-off debt, it’s crucial to take action and work towards resolving it. Join the Credit Secrets program to learn effective strategies for dealing with charged-off debts and improving your overall financial situation. Don’t let a charged-off debt hold you back – take control of your credit today.