Debt forgiveness could help if you're carrying tens of thousands of dollars in debt, but it's not the only option.
It's easier than you might imagine for credit card debt to become a source of financial stress, especially when you're carrying a balance of tens of thousands of dollars. For many people, a credit card balance that high can feel impossible to overcome, as the interest charges alone can make it tough to chip away at the overall debt.
This is because older debts are seen as less likely to be paid in full, so card issuers may be willing to take a financial hit to recoup at least some of what's owed.Your financial situation — and your ability to repay what you owe, in particular — also plays a significant role. Creditors are typically more inclined to settle if they believe you're genuinely unable to pay the full amount. So, being transparent about your financial hardships can work in your favor.
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