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5 best companies for credit card debt forgiveness
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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.
Tupperware and some of its subsidiaries filed for Chapter 11 bankruptcy protection, the once-iconic food container maker said in a statement late Tuesday.
The company has suffered from dwindling sales following a surprise surge during the COVID-19 pandemic, when legions of people stuck at home tried their hands at cooking, which increased demand for Tupperware’s colorful plastic containers with flexible airtight seals.
A post-pandemic rise in costs of raw materials and shipping, along with higher wages, also hurt Tupperware’s bottom line.
Last year, it warned of “substantial doubt” about its ability to keep operating in light of its poor financial position.
“Over the last several years, the Company’s financial position has been severely impacted by the challenging macroeconomic environment,” president and CEO Laurie Ann Goldman said in a statement announcing the bankruptcy filing.
“As a result, we explored numerous strategic options and determined this is the best path forward,” Goldman said.
The company said it would seek court approval for a sale process for the business to protect its brand and “further advance Tupperware’s transformation into a digital-first, technology-led company.”
The Orlando, Florida-based firm said it would also seek approval to continue operating during the bankruptcy proceedings and would continue to pay its employees and suppliers.
“We plan to continue serving our valued customers with the high-quality products they love and trust throughout this process,” Goldman said.
The firm’s shares were trading at $0.5099 Monday, well down from $2.55 in December last year.
Tupperware said it had implemented a strategic plan to modernize its operations and drive efficiencies to ignite growth following the appointment of a new management team last year.
“The Company has made significant progress and intends to continue this important transformation work.”
In its filing with the U.S. Bankruptcy Court for the District of Delaware, Tupperware listed assets of between $500 million and $1 billion and liabilities of between $1 billion and $10 billion.
The filing also said it had between 50,000 and 100,000 creditors.
Tupperware lost popularity with consumers in recent years and an initiative to gain distribution through big-box chain Target failed to reverse its fortunes.
The company’s roots date to 1946, when chemist Earl Tupper “had a spark of inspiration while creating molds at a plastics factory shortly after the Great Depression,” according to Tupperware’s website.
“If he could design an airtight seal for plastic storage containers, like those on a paint can, he could help war-weary families save money on costly food waste.”
Over time, Tupper’s containers became popular that many people referred to any plastic food container as Tupperware. And people even threw “Tupperware parties” in their homes to sell the containers to friends and neighbors.
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