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Can I get all of my credit card debt forgiven?
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Credit card debt: Those three words can frighten even the most financially savvy people, and for good reason. Between today’s record-high average credit card rates — which are hovering near 23% — and the nature of compound interest, it doesn’t take much for credit card debt to become a source of serious financial stress.
But despite the pitfalls of credit card debt, it’s a growing issue nationwide, with the total card debt sitting at over $1.14 trillion and the average cardholder carrying a balance of nearly $8,000 right now. When you factor in the interest charges, even the average amount of card debt can result in a hefty credit card bill each month — one that could become tough to keep up with as the interest charges compound over time. As a result, many cardholders are wondering if there’s a way to make their credit card debt disappear.
One possible solution is credit card debt forgiveness, which involves working with your creditors to pay off a portion of your debt in a lump sum, with the creditor forgiving the remaining portion of the balance. But while debt forgiveness can offer some relief, it’s not a guaranteed path to financial freedom. There are limitations to this type of debt relief, so before considering this route, it’s essential to understand whether it’s possible to have your credit card debt fully forgiven.
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Can I get all of my credit card debt forgiven?
It’s highly unlikely that you’ll be able to get all of your credit card debt forgiven through debt forgiveness. While it can, in some instances, result in dramatic reductions in your credit card debt, that won’t be the reality for every cardholder.
When you pursue debt forgiveness, either you or the debt relief company you work with tries to negotiate with your creditors to get them to accept a lump sum payment that’s less than the full amount you owe. The idea is that creditors would prefer to receive some payment rather than risk getting nothing if you were to file for bankruptcy or simply default on what you owe. However, creditors are under no obligation to settle, and many are reluctant to forgive large portions of debt, especially if they believe you have the means to pay.
But even if you do manage to settle some of your debts, you’ll still typically have to pay a large portion of what your current balance is. That’s the compromise with debt forgiveness. You pay a portion of your balance in return for the other portion being forgiven. That way, the creditor can recoup at least part of what’s owed on the account. No creditor will simply wipe the slate clean and fully forgive the debt, though — especially if you have a large balance.
Debt forgiveness also typically only works with unsecured debts that are significantly past due. If you’re current on your credit card payments or have only recently fallen behind, your creditors are less likely to consider settlement offers. They may instead suggest other options like hardship programs or payment plans — which could make your debts cheaper by temporarily lowering your interest rates or reducing fees, but that won’t result in any of your balance being “forgiven.”
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How much of my credit card debt can be forgiven?
While getting all of your credit card debt forgiven is unlikely, it is possible to have a portion of your debt reduced by pursuing credit card debt forgiveness. On average, successful debt settlements typically result in a reduction of about 30% to 50% of the original debt amount — though it can be higher in some cases.
For example, if you owe $10,000, you might be able to settle for between $5,000 and $7,000, meaning that somewhere between $3,000 and $5,000 may be “forgiven” by the card issuer. However, it’s important to remember that these figures are not guaranteed, and the results can vary significantly. That’s because the amount of debt forgiveness you qualify for typically depends on several factors, including:
- Your financial situation: If you can demonstrate genuine financial hardship, creditors may be more willing to settle for a lower amount.
- The age and status of the debt: Older debts that are seriously delinquent are often easier to settle.
- The creditor’s policies: Some creditors are more open to debt forgiveness than others.
- Your negotiation skills (or those of your debt relief company): Effective negotiation tactics can potentially lead to better outcomes, which is part of why so many people opt to use a debt relief company. The experts they employ are typically experienced with these types of negotiations, which can increase your chances of a positive outcome.
- The lump sum you can offer: Generally, the more you can pay upfront, the more likely you are to reach a favorable agreement.
It’s also important to factor in the fees charged by debt relief companies if you choose to work with one. These fees can eat into any savings you might achieve through debt forgiveness, sometimes to the point where the benefit becomes negligible.
The bottom line
Debt settlement can provide a path to reduce your credit card debt, but it is not a guaranteed or simple solution. It’s unlikely that you will get all of your debt forgiven, as creditors are usually not willing to wipe out the entire balance. However, if you are facing financial hardship and are at risk of defaulting on your payments, debt settlement could offer a way to reduce the amount you owe, typically by 30% to 50%, which can make it a smart option for the right person.
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France’s anti-terrorism court on Friday convicted eight people of involvement in the beheading of teacher Samuel Paty outside his school near Paris four years ago, a horrific death that shocked the country.
Paty, 47, was killed by an Islamic extremist outside his school on Oct. 16, 2020, days after showing his class cartoons of the Prophet Muhammad during a debate on free expression. The assailant, an 18-year-old Russian of Chechen origin, was shot to death by police.
Those who have been on trial on terrorism charges at a special court in Paris since the end of November were accused, in some cases, of providing assistance to the perpetrator and, in others, of organizing a hate campaign online before the murder took place.
STEPHANE DE SAKUTIN/AFP via Getty Images
The 540-seat courtroom was packed for the verdict, which marked the final chapter of the Paty trial. Heavy surveillance was in place, with more than 50 police officers guarding the proceedings.
Seated in the front row was Paty’s 9-year-old son, accompanied by family members. As the lead judge, Franck Zientara, delivered sentences one after the other, emotions in the room ran high.
“I am moved, and I am relieved,” said Gaëlle Paty, Samuel Paty’s sister, as she addressed a crowd of reporters after the verdict. “Hearing the word ‘guilty’ — that’s what I needed.”
“I spent this week listening to a lot of rewriting of what happened, and it was hard to hear, but now the judge has stated what really happened, and it feels good,” she added, her voice breaking as tears filled her eyes.
Families of the accused reacted with gasps, cries, shouts, and ironic clapping, prompting the judge to pause multiple times and call for silence.
“They lied about my brother,” shouted one relative. Another woman, sobbing, exclaimed, “They took my baby from me,” before being escorted out by police officers.
The seven-judge panel met or went above most of the terms requested by prosecutors, citing “the exceptional gravity of the facts.”
Naïm Boudaoud, 22, and Azim Epsirkhanov, 23, friends of the attacker, were convicted of complicity in murder and sentenced to 16 years in prison each. Neither can be paroled for two thirds of their term, about 10 years. Boudaoud was accused of driving the attacker to the school, while Epsirkhanov helped him procure weapons.
Brahim Chnina, 52, the Muslim father of the schoolgirl whose lies sparked the events leading to Paty’s death, was sentenced to 13 years for association with a terrorist enterprise. Prosecutors had sought 10 years for him.
Abdelhakim Sefrioui, a Muslim preacher, was given 15 years for organizing a hate campaign online against Paty.
The shocking death of the 47-year-old teacher left an indelible mark on France, with several schools now named after him.
The trial had begun in late November. The defendants were accused of assisting a perpetrator or organizing a hate campaign online in lead-up to the murder.
At the time of the attack, there were protests in many Muslim countries and calls online for violence targeting France and the satirical French newspaper Charlie Hebdo. The newspaper had republished its caricatures of the Prophet Muhammad a few weeks before Paty’s death to mark the opening of the trial over deadly 2015 attacks on its newsroom by Islamic extremists.
The cartoon images deeply offended many Muslims, who saw them as sacrilegious. But the fallout from Paty’s killing reinforced the French state’s commitment to freedom of expression and its firm attachment to secularism in public life.
Chnina’s daughter, who was 13 at the time, claimed that she had been excluded from Paty’s class when he showed the caricatures on Oct. 5, 2020.
Chnina sent a series of messages to his contacts denouncing Paty, saying that “this sick man” needed to be fired, along with the address of the school in the Paris suburb of Conflans Saint-Honorine. In reality, Chnina’s daughter had lied to him and had never attended the lesson in question.
Paty was teaching a class mandated by the National Education Ministry on freedom of expression. He discussed the caricatures in this context, saying students who did not wish to see them could temporarily leave the classroom.
An online campaign against Paty snowballed, and 11 days after the lesson, Anzorov attacked the teacher with a knife as he walked home, and displayed the teacher’s head in a post on social media. Police later fatally shot Anzorov as he advanced toward them, armed.
Chnina’s daughter was tried last year in a juvenile court and given an 18-month suspended sentence. Four other students at Paty’s school were found guilty of involvement and given suspended sentences; a fifth, who pointed out Paty to Anzorov in exchange for money, was given a 6-month term with an electronic bracelet.
Sefrioui, the preacher on trial, had presented himself as a spokesperson for Imams of France although he had been dismissed from that role. He had filmed a video in front of the school with the father of the student. He referred to the teacher as a “thug” multiple times and sought to pressure the school administration via social media.
Some of the defendants expressed regrets and claimed their innocence on the eve of the verdict. They did not convince Paty’s family.
“It’s something that really shocks the family,” lawyer Virginie Le Roy said ahead of the verdicts. “You get the feeling that those in the box are absolutely unwilling to admit any responsibility whatsoever.”
“Apologies are pointless, they won’t bring Samuel back, but explanations are precious to us,” Le Roy said. “We haven’t had many explanations of the facts.”
