Credit Card Write-Offs
During times of financial crisis, individuals sometimes find themselves without the means to maintain financial responsibility for their credit card debt. If a credit card bill goes unpaid for a certain length of time, the creditor may choose to “write-off” the debt as unpaid.
Failure to make timely payments on your credit card debts may have serious effects on your overall credit rating. It is important that individuals maintain financial responsibility for all of their debts and consult a financial or legal professional if they are having serious troubles. For more information on credit card write-offs, contact the Boston bankruptcy lawyers of Joshua Spirn & Associates at 1-800-975-5346.
Effects of Credit Card Write-offs
Credit card write-offs can have the following effects:
- Serious damage to the individual’s overall credit score
- Non-payments and write-offs included on the person’s credit report for future lenders to see
- Harassment from debt collection agencies for the unpaid balance
- Possible lawsuits against you to recover the debts owed
- Potential judgments and wage garnishment to ensure payment of the debt
Credit card write-offs do not mean that the individual is no longer responsible for the debt; it simply means that the creditor likely did not feel the debt was worth pursuing and discharged the debt to a different firm or company for collection.
Contact Us
If you are having difficulty making timely payments on your credit card debt and are considering bankruptcy, contact the Boston bankruptcy attorneys of Joshua Spirn & Associates at 1-800-975-5346 to learn more about how we can help you.
