If you have mounting credit card debt, you’re not alone. The average United States household owes some $7,951 to credit card companies. Of course, with that being the average, some borrowers will owe significantly more than that number while some borrowers owe significantly less. 

But, in today’s inflationary environment, any amount of credit card debt can be challenging. After all, credit card interest rates and minimum payments are high. If you couple those high payments with the growing cost of goods, it can be difficult to make ends meet. 

The good news is that a credit card debt forgiveness program may be able to help. The companies that offer these services negotiate with your credit card companies with the goal of reducing what you owe and making your debt more manageable. But, is it easy to qualify for credit card debt forgiveness?

Find out if your credit card debt can be forgiven here now. 

Is credit card debt forgiveness easy to qualify for?

Credit card debt forgiveness programs are typically easy to qualify for. That is, as long as you have enough debt (at least $7,500) and you’re having a hard time paying that debt off.

“If the consumer can show that they have a high debt to income ratio and have overextended themselves, credit card companies will more likely be willing to work with them,” explains Aaron Cirksena, founder and CEO of the money management firm, MDRN Capital. “However, consumers must be careful not to take on large amounts of debt, then quickly ask for forgiveness. Companies do not look favorable upon that and will be unlikely to work with you.”

If you’re having a hard time dealing with your credit card debt, you shouldn’t hesitate to seek the relief you need. Here’s why: 

Your financial hardship may get worse if you don’t act

It’s critical to seek the debt relief you need if you’re facing financial hardship. If you wait, things may only get worse. After all, persistent inflation continues to drive the cost of consumer goods and services up. That may leave fewer dollars in your budget that you can use to address your credit card debts. 

In fact, as prices grow, you may be using your credit cards to pay your daily expenses. But, that may only lead to higher credit card balances and growing minimum payments, exacerbating your current financial struggles.

If you enroll in a credit card debt forgiveness program now, however, you may be able to cut your monthly payment obligations – leaving more money in your budget to cope with today’s higher cost of living.  

Tap into credit card debt forgiveness to give yourself more financial breathing room today. 

Persistent inflation means high rates are staying put

Interest rates are high at the moment. And, those high rates are largely the result of stubborn inflation. When inflation runs hot, the Federal Reserve typically reacts by increasing its federal funds rate – a rate that many banks use to determine the interest rates they’ll charge borrowers. 

Unfortunately, we’ve seen a trend of hot inflation thus far in 2024. And the most recent inflation report (April’s report showing March data) showed the inflation rate at 3.5%. That’s nearly double the Federal Reserve’s 2% inflation target. As such, there are few signs of interest rate cuts happening anytime soon.  

Higher rates may be in the future

While there aren’t many signs that interest rate cuts are on the horizon, there are some signs that interest rates may rise ahead. And, if you’re already struggling with credit card debt, higher interest rates may only add to your financial hardship by making your credit card payments grow. 

Keep in mind that the Federal Reserve’s most effective weapon against inflation is its ability to raise rates. With January’s inflation rate at 3.1%, February’s at 3.2%, and March’s at 3.5%, it would be understandable for the Fed to consider rate hikes ahead to put a damper on the growing inflation rate across the country. If that happens, the cost of your credit card debt may rise if you’re not already enrolled in a debt relief program.

The bottom line

Credit card debt forgiveness is relatively easy to qualify for. That’s especially true if you have over $7,500 in credit card debt to contend with and you’re having a hard time making ends meet. 

If that sounds like your position, it may not only be easy to qualify for credit card debt forgiveness, it could be worthwhile to get started now. After all, your financial hardship may get worse as inflation persists. And, that persistent inflation means that higher rates and payments could be on the horizon. Reach out to a debt forgiveness expert now to find out if you qualify for help. 

Joshua Rodriguez

Joshua Rodriguez is a personal finance and investing writer with a passion for his craft. When he’s not working, he enjoys time with his wife, two kids, two dogs and two ducks.