Bad Debt Credit Card Companies Deductions 
CreditStrong for Business
MARCH 10, 2023
Further, assume that the past due debt was paid and the account remained current until you had another late payment in August 2014. If a credit card account has been delinquent for 180 days, a credit card company will formally close or “charge off” the account.
CreditStrong for Business
SEPTEMBER 12, 2024
Assuming that the past due debt was paid and the account remained current until you had another late payment in August 2014, the missed payment in August 2014 starts a new seven-year period that ends in August 2021. For example, borrowers paying through Direct Loans are eligible for a 0.25% interest rate deduction for signing up.
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