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A charge-off or chargeoff is a declaration by a creditor (usually a credit card account) that an amount of debt is unlikely to be collected. This occurs when a consumer becomes severely delinquent on a debt. Traditionally, creditors make this declaration at the point of six months without payment. A charge-off is a form of write-off.
In finance, bad debt, occasionally called uncollectible accounts expense, is a monetary amount owed to a creditor that is unlikely to be paid and for which the creditor is not willing to take action to collect for various reasons, often due to the debtor not having the money to pay, for example due to a company going into liquidation or insolvency.
The distinction is that while a write-off is generally completely removed from the balance sheet, a write-down leaves the asset with a lower value. [4] As an example, one of the consequences of the 2007 subprime crisis for financial institutions was a revaluation under mark-to-market rules: "Washington Mutual will write down by $150 million the ...
QuickBooks is an accounting software package developed and marketed by Intuit. First introduced in 1992, QuickBooks products are geared mainly toward small and medium-sized businesses and offer on-premises accounting applications as well as cloud-based versions that accept business payments, manage and pay bills, and payroll functions.
A debt management plan involves reviewing your income and expenses with a debt counselor to create a financial plan to pay your debt. This only applies to credit cards and other unsecured debt.
A recently announced class action lawsuit filed against T-Mobile alleges the company has disguised a hidden fee as a government charge for two decades. The wireless network allegedly misrepresents ...
Defense secretary nominee Pete Hegseth said Wednesday he won't drink "a drop of alcohol" if confirmed by the Senate to lead the Pentagon
An IOU (abbreviated from the phrase "I owe you" [1] [2]) is usually an informal document acknowledging debt. An IOU differs from a promissory note in that an IOU is not a negotiable instrument and does not specify repayment terms such as the time of repayment. IOUs usually specify the debtor, the amount owed, and sometimes the creditor.