Managing any amount of credit card debt can feel like an uphill battle. After all, if you’re unable to pay off what you owe in full, the high rates that credit cards come with — which average about 23% currently — help to keep the balance growing month after month. The interest charges also compound on credit card debt, and as the interest charges accrue, many people find themselves stuck in a cycle of debt that they can’t pay off. 

Things can get even more difficult if you’re carrying a large credit card balance, like $35,000 or more. With a balance that high, it doesn’t take long for the interest charges to balloon your balance to new heights, making the debt increasingly difficult to pay off. Over time, that growing balance could even become impossible to keep up with, leaving you with a serious issue on your hands.

Fortunately, in these cases there are debt relief options, like credit card debt forgiveness, that may offer some relief. Debt forgiveness programs aim to reduce the amount you owe by negotiating directly with your creditors on a partial payment agreement. But how much relief can you get from debt forgiveness if your credit card balance is $35,000 right now?

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How much of a $35,000 credit card debt will a forgiveness plan cover?

Debt forgiveness could result in big relief from $35,000 in credit card debt. While you have the option to negotiate with creditors on your own, if you use a debt relief company to pursue debt forgiveness, they are typically able to negotiate to reduce your balance by between 30% to 50% on average. That means a $35,000 debt could potentially be reduced to between $17,500 and $24,500. 

That said, the amount that debt forgiveness will cover depends on a range of factors, including the nature of your financial hardship. Creditors may be open to settling for a partial payment if they believe it’s the best way to recover some of the outstanding balance, so if you’re able to demonstrate a genuine financial hardship, like a significant income drop, high medical expenses or other pressing issues, you may see better results.

Another factor that can influence the amount forgiven is your payment history. If you’re current on your payments, creditors might be less motivated to negotiate, as you’re still managing to meet monthly obligations. Conversely, if you’ve fallen behind, creditors might be more willing to work out a deal to recover part of the balance, particularly if they believe future payments may be at risk. 

If you choose to work with a debt relief company for forgiveness, their experience and reputation may also influence the outcome. Established companies with a strong track record and relationships with major creditors might secure better settlements. Keep in mind, though, that these services come with fees, which are often calculated as a percentage of either your total debt or the amount saved, which can impact the total savings you get.

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What other options do I have to get rid of my credit card debt?

If debt forgiveness doesn’t seem like the right fit for your situation, there are other strategies to help you manage or eliminate your $35,000 credit card debt, including:

Credit counseling

Credit counseling agencies can provide structured debt management plans that help you pay down your balance over time, often over four to five years. These programs might be able to lower your interest rates, reduce fees, and give you access to professional financial guidance. While these programs don’t reduce the principal amount you owe, they can help you manage payments in a way that fits your budget and avoid the major credit score impacts associated with debt forgiveness.

Debt consolidation

A debt consolidation loan or program could also be a useful solution if you’re able to secure a lower interest rate than your credit cards currently charge. By consolidating your credit card balances into one fixed-rate loan, you might save on interest and simplify your monthly payments. This option could reduce the long-term cost of your debt and help you pay it off faster, especially if you qualify for a loan with a significantly lower rate. 

Chapter 13 bankruptcy

For more severe debt situations, like having tens of thousands of dollars worth of credit card debt, Chapter 13 bankruptcy might be a viable, though last-resort, option. Filing for Chapter 13 can temporarily halt creditor collections and create a court-supervised repayment plan over three to five years. At the end of the repayment plan, some remaining unsecured debt may be discharged. 

The bottom line

Carrying $35,000 in credit card debt is challenging, but your debt relief options, like debt forgiveness, debt management and debt consolidation offer a range of solutions for reducing your balance and rebuilding financial stability. Each strategy has its pros and cons, though, so consider your specific financial circumstances and long-term goals as you decide what’s right for you.