The charge-off rate (uncollectible balances) is also slowly declining, but still remains high.

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It is full of compelling evidence Snipes personally advocated numerous theories that the income tax was invalid and uncollectible.

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For instance, AmEx's uncollectible U.S. card balances totaled an annual rate of 6.3% in May, down from 6.7% in April, and J.

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This gives their deals more the flavor of collateralized lending, since the business getting the cash is on the hook for the loss if a receivable proves uncollectible.

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It includes old debts that are uncollectible due to the statute of limitations, those resolved in a bankruptcy and in some cases, debt that was the result of identity theft.

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