Do credit cards by law have to charge off a deficient account?

Question

When I speak to the individuals from the credit card company I owe they repeat that by law they have to write off my debt.

Answer 1

They must by law and, in keeping with GAAP, charge off the account @ 180 days past due.  Charge off is simply an accounting term meaning charged against income.  Once an account has been CO'd, it can never again be brought current.

Answer 2

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Answer 3

Yes, this is true....once a certain amount of time has passed, they are required by law to charge-off an account.

Try your best to avoid this situation....charge-offs really damage your credit.....for up to seven years...and once this happens...it's virtually impossible to have it removed from your credit files until seven years has passed.