Re: Charge-Off Question
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Posted by observer
(152.163.189.170) on January 18, 2003 at 16:23:23:
In Reply to: Charge-Off Question posted by ELA on January 18, 2003 at 11:25:53:
A charge off is an accounting term that orinal creditors use. FDIC requires financial institutions to charge off at the 180 day mark. Neither the creditor or the debtor has any choice in the matter. As to your second question-if you have been unable to pay one creditor, why would other creditors loan you money? You can't borrow your way out of debt. The answer is to live below your means and save money.
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