Will credit card debt forgiveness cover my $15,000 debt?

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Will credit card debt forgiveness cover my $15,000 debt?
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If you're trying to tackle $15,000 in credit card debt, it's important to find the right strategy first.

No matter how careful you are about your finances, carrying a balance on your credit cards can be a dangerous approach to take. With the average rate at nearly 23% currently, any credit card debt you have will quickly grow due to the interest charges, even if you stop making new purchases with your card. Should your balance grow too quickly, you may find it tough to stay on top of your credit card payments, putting your credit score and financial health at risk.

The age of your card debt can also play a role in whether or not debt forgiveness provides relief from your $15,000 credit card debt. The older the delinquent debt, the higher the likelihood that a creditor will accept a reduced lump-sum payment, as a reduced payment is typically better than the risk of not recovering any money at all. However, creditors may be less inclined to settle newer debts, instead pushing for full repayment.

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