Meaning of “charge off” in the English Dictionary

"charge off" in Business English

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charge off

phrasal verb with charge uk /tʃɑːdʒ/ us verb

FINANCE to consider as a loss a debt that will probably not be paid:

The company charged off $120 million worth of bad credit-card debt in the third quarter.

charge-offnoun [ C ]

uk us

FINANCE, ACCOUNTING a statement by a creditor (= someone who is owed money) that a debt will probably not be paid and is counted as a loss

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(Definition of “charge off” from the Cambridge Business English Dictionary © Cambridge University Press)