Debt forgiveness can be a good solution for large credit card balances, but does it work for $5,000 debts?
While inflation has been cooling over the last few months, the inflationary environment that prevailed over the past couple of years is continuing to impact people's finances. Part of the issue is that the prices for consumer goods like food, gas and housing have remained high, and as a result, more people are stuck using their credit cards to make ends meet.
Creditors are more likely to negotiate if they believe they might not be able to collect the full amount of the debt otherwise. This usually applies to older debts or those that have already gone into collections. For newer debts or relatively small amounts like $5,000, the creditor may push for full repayment or a settlement that doesn't offer much relief.Your financial situation also typically plays a crucial role.
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