If you’re tired of making monthly credit card payments only to see minimal reductions in your balances then you may be looking into debt relief options. Credit card debt forgiveness is one to consider. 

Debt forgiveness companies aim to help you save money and get out of debt faster through negotiations. If those negotiations are successful, your credit card companies may forgive a percentage of your balances, which could provide the relief you’re looking for. 

But, like all debt relief options, credit card debt forgiveness isn’t a one-size-fits-all solution. So, what are some signs that credit card debt forgiveness may not work for you? That’s what we will detail below.

Let a debt relief expert help you put your credit card debt behind you now. 

4 signs credit card debt forgiveness may not work for you

While credit card debt forgiveness programs are a good fit for some borrowers, they aren’t perfect for everyone. Here are a few signs that credit card debt forgiveness may not work for you: 

You always make your payments on time

Credit card debt forgiveness is typically designed for borrowers who can’t consistently make minimum payments. So, if you make your credit card payments on time, every time, that may be a sign that these programs aren’t a good fit for you. 

There are a wide range of debt relief options. And, credit card debt forgiveness is a more extreme option that can come with more significant repercussions than others. So, if you can afford to make your monthly payments on time – even if it’s not always comfortable – other debt relief solutions may be a better fit. 

Find alternatives to credit card debt settlement here. 

You don’t have enough credit card debt

Most credit card debt forgiveness companies require minimum debt amounts to qualify for their services. For example, you’ll need at least $10,000 in credit card debt to qualify for the services Accredited Debt Relief provides and Freedom Debt Relief and National Debt Relief both impose $7,500 minimums. If you have under $7,500 in credit card debt, you may be hard-pressed to find a service provider to work with. 

You already have a judgment

If you forego payments to your credit card companies for too long, they may sue you for the money you owe. And, if your credit card companies sell your debt to a debt collector, that collector may take you to court, too. 

If you lose the case, your credit card companies, or the debt collectors they’ve sold your debt to, may win judgments against you. Those judgments can give them leverage, making them less likely to negotiate what you owe. While you may be able to settle a debt following a judgment against you, doing so may be more difficult. So, if you already have one or more judgments against you and can’t afford to pay the debt back, bankruptcy may be a better option. 

You’re considering a large purchase

Credit card debt forgiveness may not be your best debt relief option if you want to make a large purchase, like a home or car. That’s because these solutions can harm your credit score, making it difficult to access new loans. 

“Asking for payment relief or debt forgiveness should be given serious consideration prior to taking action,” explains Michael Broughton, founder and CEO of the credit-building app, ALTRO. “Once you request a change to terms or a lower payment, your credit could be impacted and the chances that you will be able to get loans for other, unrelated items can be severely diminished.”

The bottom line

Credit card debt forgiveness is a fitting solution for many people – especially if they can’t afford their minimum payments. But, it’s not the best fit for everyone. You may want to consider other options if you always make your payments on time, don’t have enough credit card debt, already have judgments against you or you’re in the market for a large purchase. Chat with an expert about your debt relief options now. 

NEW YORK – Three administrators have been “permanently removed from their positions” at Columbia College and “remain on leave” over texts they exchanged during an on-campus event about Jewish life at the school, Columbia University’s president announced Monday. 

It happened during the school’s reunion weekend at the end of May. The program was called “Jewish Life on Campus: Past, Present and Future,” and took place a month after university leaders called in police to clear pro-Palestinian protesters out of an occupied administration building and dismantle a tent encampment that had threatened to disrupt graduation ceremonies.

One of the controversial messages suggested a panelist could have used recent campus protests as a fundraising opportunity. Another appeared critical of a campus rabbi’s essay about antisemitism.

Texts “touched on ancient antisemitic tropes”

“This incident revealed behavior and sentiments that were not only unprofessional, but also, disturbingly touched on ancient antisemitic tropes,” Columbia President Minouche Shafik wrote in a letter to the Columbia community. “Whether intended as such or not, these sentiments are unacceptable and deeply upsetting, conveying a lack of seriousness about the concerns and the experiences of members of our Jewish community that is antithetical to our University’s values and the standards we must uphold in our community.”

Shafik said the school will “launch a vigorous program of antisemitism and antidiscrimination training for faculty and staff this fall.” Similar training will also be given to students. 

Columbia Provost Angela Olinto wrote that the administrators’ conduct was “wrong and contrary to the mission and values of our institution. It revealed, at best, an ignorance of the history of antisemitism.”  

Columbia College Dean Josef Sorett, whose text messages were among those published by the Free Beacon, will continue to lead the college after apologizing and committing to working to fix damage caused by the text exchanges, Olinto said. He and his administration will be expected to “deliver concrete change in combating antisemitism and discrimination and creating a fully inclusive environment,” Olinto wrote.

“While not intended as such, some of the text messages exchanged may call to mind antisemitic tropes,” Sorett said in a letter Monday to the Columbia College community. “Any language that demeans members of our community, or divides us from one another, is simply unacceptable.”

“I am deeply sorry that this happened in a community that I lead- and, that I was part of any of the exchanges, and I pledge to spearhead the change we need to ensure this never happens again,” Sorett continued. He said “the loss of trust and the pain this incident has caused, particularly to the Jewish members of our community, must be fully repaired.”  

The university did not identify the administrators, who were initially put on leave in June after images of their text exchange were published online by the Washington Free Beacon, a conservative news outlet. The content of the texts was additionally released by the House Committee on Education and the Workforce last week.