Have you been told by a creditor that your debt is about to "charge-off"? If you're behind on your bills, unable to keep up with payments on your credit cards and other debts, sooner or later you will hear a creditor representative threaten you with the dreaded "charge-off." So what is a charge-off anyway?

What banks and bill collectors call a "charge-off" is the point at which the creditor writes off the account balance as a "bad debt."

Should charge-offs be avoided if possible? Does the prospect of a charge-off mean you should panic if you have no way to pay the bill? No! Sure, good credit is important.

* Don't be intimidated or threatened by pre-charge-off collection tactics.

* Call your creditor to find out the minimum payment necessary to avoid the charge-off, and subsequent payments to keep the account current going forward.

What should you do if you simply don't have the money to rescue the account from charge-off, or if the account has already been charged off by the creditor?

* Negotiate a lump-sum settlement with the creditor or collection agency. Get everything in writing, don't disclose your checking account details, and follow up to make sure the creditor reports the matter correctly on your credit report.

Credit Card Charge-Off - What Does It Mean and What Should You Do About It?

You can eliminate credit card debt through bankruptcy.

One way to eliminate your debts is to declare bankruptcy. A bankruptcy stays on your credit report for many years and affects your ability to get more credit.

You can eliminate credit card debt through a consolidation loan.

Taking out a loan to consolidate your credit card debt can help you to get out from your debts.

You can eliminate credit card debt through a consolidation service.

A consolidation service negotiates with your credit card companies to lower your debt. People with blemished credit history find the going tough when the matter comes towards availing loans. The amount approved depends a lot on your income and credit profile. No credit check loans are offered by most of the lenders present in the offline as well as online market.

Credit card debt is at an all time high in this country right now and many people are wondering if their lenders can file a lawsuit over credit card debt. Many lenders have debt relief options that can help you out of financial jam.

Credit counseling is one of the best options for paying off debt. Debt counseling agencies have debt management education available, they will reduce your interest rates and stop your collection calls.

There some people that are actually too deep in debt for credit counseling to help them. If you cannot, you should be looking at other debt relief options.

Can a Lender File a Lawsuit Over Credit Card Debt?

Credit card interest rates are so high. Upfront Fees are for the Birds - You may have bad credit and a credit card offer will show up in your mail box offering you a way to "improve your credit score."

Credit card companies are businesses out to get money, not friends who love loaning you money.