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They don’t know and don’t especially care whether their claims are legitimate. When the default rate kicks in, your finance charges will also grow. Is this additional 2 or 3% on their credit card divisions really going to make a difference to these mega-banks. Typically, if you have a higher credit score, a negative item get credit card even w unpaid will hurt more than if you had a lower credit score.

Credit cards can be a quick and easy way to borrow money to pay for things. As for the “moralistic feeling that [people] should pay back what they owe,” I think we need more of that, not less these days.

A charge-off allows the credit card company to get a tax deduction for your unpaid credit card balance. The same law doesnt apply to your original creditor.

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