Does credit card debt forgiveness really work? Experts weigh in

If you’re struggling to keep up with your credit card payments, you may be looking into your debt relief options. And, one popular option — credit card debt forgiveness, also known as credit card debt settlement — may help eliminate a portion of your card balance, helping to reduce the cost of your credit card debt.

That said, you may be wondering if credit card debt forgiveness programs actually work. After all, why would a credit card company be willing to clear a substantial portion of your balance? Here’s what experts have to say about the efficacy of these programs.

Does credit card debt forgiveness really work? Experts weigh in

“Debt settlement is a viable option for people who are drowning in debt and have nowhere else to turn short of bankruptcy,” says Tyler Gray, CFP, managing director at SageOak Financial, a financial planning firm.

 

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