Getting rid of your credit card debt is important, but is debt forgiveness the right approach? Here's what to know.
Managing a high credit card balance can be overwhelming, as the high rates that come with these borrowing tools cause the interest charges to compound quickly. For example, the average credit card rate is currently sitting at about 23%, a record high. So, if you're carrying a $20,000 balance at that rate it would amount to $381.56 in interest after just one month.
This is one reason why many people opt to work with professional debt relief services. The relationships these companies have with creditors could make it easier to negotiate a lower payoff. The age of the debt also influences whether there's potential to settle the debt. Generally, creditors become more amenable to negotiations if the account has remained delinquent for a longer period.
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