When a credit card company agrees to accept less than the full amount you owe — say, $20,000 on a $30,000 balance — it’s called a debt settlement. The lender agrees to forgive the remaining $10,000, ...

A charge-off is when a lender writes off your account as a loss and closes the account for further use. You are still legally responsible for the balance that is charged off. The lender may transfer ...

Debt is often discussed in negative terms, but debt isn’t just good or bad. It falls on a spectrum, and how you manage it plays a big role in how it impacts your finances. Bad debt is usually ...