Reopening a charged-off credit card is likely a lot more difficult than you'd expect. MASTER/Getty Images

It's not unusual for borrowers to experience a financial rough patch, especially in today's economic landscape, whether the issue stems from a job loss, a medical emergency or rising costs that make it difficult to keep up with minimum payments. But as the balances grow and missed payments stack up, what starts as a few late fees can quickly turn into something far more serious: a charged-off account .

A charge-off may sound like it signals the end of your financial woes, but it is actually one of the most damaging marks you can have on your credit report . It means the creditor you owe money to has written off your account as a loss after months of nonpayment, usua

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