If a credit card company writes off your account, what are the consequences?

Are you still obligated to paying the debt?

If a credit card company writes off your account, what are the consequences?

Just because the credit card company writes off your debt doe%26#039;s not mean that you do not still owe it.

They will sell your account to a collection company and they will come after you. It will show as two negatives on your credit first the written off account and second the collection account. So you will take a double hit for the same debt. This will show on your credit for 7-years.

Depending on how much you owe, this can lead to court action and a judgment. Then they can garnish your wages (if your State allows it), attach bank accounts and file liens on any property you may own like vehicles, boats, land and homes.

You really should call and make payment arrangements for this account. The bad things that could happen are simply not worth it.

If a credit card company writes off your account, what are the consequences?

your always obligated to pay it, you%26#039;re ruining your credit by not paying it. If you%26#039;ll call them they can make payment arrangements

If a credit card company writes off your account, what are the consequences?

If your account is written off, it will be reflected as a negative on your credit report. You are not obligated to pay the debt, but if you do, it will reflect positively on your credit report.

If a credit card company writes off your account, what are the consequences?

usually at that point they have sold the debt to a bad debt broker who buys it for pennies on the dollar. You are still on the hook for the debt, but usually you can settle for around 40% of the original bill. See daveramsey.com for an experts advice.