economy
Credit card balances just rose by $21 billion. Here's how to get your debt forgiven now.
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TL;DR
- Credit card balances rose by $21 billion in Q2 2026, totaling $1.26 trillion.
- High interest rates (around 22%) and compounding interest make debt difficult to manage.
- Credit card debt forgiveness, or debt settlement, can allow for 30% to 50% of debt to be forgiven.
- Eligibility criteria include a debt load of $7,500 or higher, being behind on payments, and providing documentation of financial hardship.
- Programs typically take 24 to 48 months to complete.