economy
How much would settling $15,000 in credit card debt cost after fees?
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TL;DR
- Credit card balances reached $1.26 trillion in Q2 2026, up $21 billion from the previous quarter.
- Average credit card interest rates are nearly 22%.
- Debt settlement can reduce the principal balance by 30% to 50%.
- Debt relief companies typically charge fees of 15% to 25% of the enrolled debt.
- On a $15,000 balance, savings before fees could be $4,500 to $7,500.
- Fees on a $15,000 balance could range from $2,250 to $3,750.
- Net savings after fees could be as low as $2,250 if only 30% is saved and a 15% fee is paid.
- Debt settlement is worth considering if struggling with payments, debt is primarily unsecured, other options aren't affordable, risks are understood, and funds can be set aside.
- Debt settlement can damage credit temporarily and creditors may pursue legal action.