Both options can provide relief from high-rate card debt, but it's important to know which one makes more sense.
Credit card debt has become an increasingly prevalent issue over the last few years, with the problem exacerbated by a mix of high rates, economic uncertainties and rising living costs. As a result, the total amount of credit card debt nationwide hit a record high of $1.14 trillion in the third quarter of 2024, an increase of $27 billion from one quarter prior. That equates to the average cardholder having nearly $8,000 in credit card debt. An uptick in spending isn't the only issue, either.
When credit card debt forgiveness makes more senseThis may be the better option if:You have a large debt burden: If you're struggling with a substantial amount of credit card debt that you're unlikely to pay off, debt forgiveness could provide a way to resolve your debts for less than the full amount.
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