Can you get debt forgiveness from credit cards?

Yes, you can get debt forgiveness from credit cards, though please keep in mind that credit card issuers rarely forgive debts entirely. Unless you can prove that the debt is fraudulent, it’s not very likely that you will walk away with a clean slate. However, there are a few alternatives to explore if you’re looking to get rid of debt.

Alternatives to Credit Card Debt Forgiveness

• Credit Card Debt Settlement: Negotiating a settlement entails reaching an agreement that typically involves offering a lump sum payment, which is lower than the full debt but immediately payable. The issuer will then forgive the remaining debt.
• Statute of Limitations: This is a time frame during which debt collectors can legally pursue court action to collect debts. This period starts from your last account activity, and it can last a few years, depending on the state you live in. Once this limit expires, collectors can still sue, but you can defend by citing the statute of limitations. However, to potentially have your debt forgiven under this statute, you must refrain from acknowledging or making payments on the debt, as any such action restarts the clock on the limitation period.
• Bankruptcy: You can get some credit card debt forgiven if you file for bankruptcy. But it comes at the cost of significant damage to your credit, and it should only be used as a last resort. You can refer to WalletHub’s bankruptcy overview for more information on how it works.

Remember that there are other ways to deal with credit card debt, too. You can always inquire with your issuer about a hardship program, or you can try consolidating your debt. If you’re struggling with navigating your credit card debt, you should consider reaching out to a professional, to get advice tailored to your financial situation.

You can also refer to WalletHub’s guides on credit card debt forgiveness and how to negotiate credit card debt if you wish to learn more about available options.