While inflation has been slowing down recently, years of rising costs and high interest rates have weighed on many Americans. So, if you’re now struggling to pay off high-interest credit card debt, know that you’re not alone. Since the end of 2021, credit card delinquencies have been increasing in the US, with over 10% of credit card balances at least 90 days delinquent, according to the New York Fed.

If you aren’t capable of paying off your credit debt, there are ways to potentially work out an agreement with credit card companies to either reduce or forgive your debt. One option is to work with a debt relief service, which typically involves stopping payments on your credit cards, setting aside money in a savings account for several months and then ideally working out a settlement with your creditors.

Granted, there are risks involved with this approach, such as potentially damaging your credit score further, along with the costs of the debt relief program. Most reputable companies, however, do not charge upfront fees and instead charge after a settlement is reached.

Meanwhile, a debt relief company might be able to help you reach a better settlement than you could on your own while helping you avoid bankruptcy. But you want to be sure you choose a solid company. 

Find out more about the top debt relief options available to you here.

5 best companies for credit card debt forgiveness 

With that in mind, consider the following five best credit card debt forgiveness companies, listed in alphabetical order.

Accredited Debt Relief: Best for debt consolidation

Although debt consolidation isn’t exactly credit card forgiveness in terms of reducing the balance owed, a debt consolidation loan can still help save you money by lowering your interest rate and monthly payments. One of the best options for this approach is Accredited Debt Relief, which matches clients to debt consolidation loans to help them become debt-free in 24-48 months.

Learn more about the options available to you from Accredited Debt Relief.

American Debt Relief: Best for quick results

American Debt Relief stands out as one of the best credit card debt forgiveness companies in terms of speed. You can expect to save approximately 30% after accounting for fees over 24 to 48 months, though many can become debt-free within 24-36 months. Note, however, that reviews are mixed, as the company scores well on Trustpilot but poorly on the BBB’s site.

Freedom Debt Relief: Best for a free consultation

Freedom Debt Relief is one of the most popular and also one of the best debt relief companies. The company claims it has helped over 1 million people since 2002 with its debt settlement program that helps you negotiate savings with creditors. While many reputable debt relief companies offer free consultations, Freedom Debt Relief is one of the best choices. They can walk you through your debt management options, including alternatives like credit counseling or debt consolidation.

Get more information about the debt relief options available through Freedom Debt Relief.

National Debt Relief: Best for customer satisfaction

While some companies might have slightly higher ratings on various reviews sites, National Debt Relief stands out for having very strong reviews over a very large sample size. For example, on Trustpilot, National Debt Relief has a 4.7 out of 5 rating, out of over 40,000 reviews.

Learn more about the top debt relief options from National Debt Relief here.

New Era Debt Solutions: Best for experience

New Era Debt Solutions is a long-heralded debt relief company that stands out for being in business since 1999. The company has helped settle over $275 million in debt over the years and has strong reviews, such as being BBB accredited since 2001 and having a 4.93 out of 5 rating.

Other debt relief solutions to consider

While many of these credit card debt forgiveness companies specialize in debt settlement, there are other options to consider, which you might review during a free consultation with one of these companies. 

For example, you might go through credit counseling with a non-profit that can help you come up with a budget and plan to pay off your debt. Or, you might try other approaches like negotiating directly with your credit card company to waive certain fees, as well as searching for a debt consolidation loan on your own, or taking the more extreme step of filing for bankruptcy, if necessary.
Overall, it’s important to realize that you have options when it comes to solving credit card debt. Be sure to read reviews, utilize free assessments if you’re interested in a particular company, and make sure you know what you’re getting into before you try to resolve your credit card debt.