Understanding charge-offs and how long they affect your credit can help you plan your financial recovery. Getty Images/iStockphoto

When you fall behind on your credit card payments , the consequences can snowball a lot faster than you may expect. For example, what might start as a missed payment due date or two can quickly lead to collection calls , mounting interest charges and exorbitant late fees — and, in some cases, may even end in a charge-off . And, for many borrowers, a charge-off just shows up on their credit report with little explanation, leaving them unsure of what it means or how long the impact will follow them.

Credit card charge-offs have become more common recently, and that makes sense given today's tough economic landscape. After all, credit card balances

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