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The news on Wednesday that rose again in May was a painful reminder for millions of Americans who have felt the financial burden caused by higher prices. While the rise month-over-month was just 0.1%, it was yet another step in the wrong direction, particularly considering that the goal of a 2% inflation rate is now further out of reach. is still down from the over 9% range it was in June 2022, but the lingering impacts of that damage remain significant, as credit card users can attest.

, partially due to a surge in interest rates overall, are now comfortably over 20%, just under a record 23% that was hit toward the end of 2024. The average credit cardholder, meanwhile, owes , with on their balance. And the materially, especially now that inflation progress is reversing course, is especially low.

Against this reality, then, many credit card holders may be wondering about their forgiveness eligibility. With a program, cardholders can see their balance cut by 30% to 50%, giving them the financial lifeline they desperately need right now. But cardholders can't just get this sort of debt relief overnight. There will be a process that they will need to complete first. Below, we'll break down three ways these cardholders can qualify for a forgiveness program by July.

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Want to get the credit card debt forgiveness process started by July? Here are three steps that can help you get there if taken this June:

This is the first question you should ask yourself if you want to start tackling your debt this July. Typically, cardholders will need to have a balance between $5,000 to $10,000 (at a minimum). If they're already , that could further improve their chances of being approved for forgiveness. 

And if they're having a that's preventing their ability to make payments – and the ability to demonstrate this financial hardship on paper – then they'll likely be a good candidate for credit card debt forgiveness, also known as debt settlement. If you don't meet all three main eligibility requirements, however, it may be better to review alternatives like or instead.

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Credit card debt forgiveness won't be free. could be as low as 15% to as high as 25% of your enrolled debt balance. But if you want to be on the lower end of that spectrum, then you'll need to take the time to shop around for servicers. 

Consider reviewing the forgiveness qualifications and costs from at least three different debt relief companies to establish a baseline. This will allow you to better determine which servicer can truly help you eliminate your balance … and which just appears to have that ability. Start this process now, however, this June, as it could take some time and effort before finalizing your decision.

It can take time to gather paperwork showing medical ailments, job loss or other issues that are underpinning your ability to make your credit card payments as agreed to. So start requesting this documentation now, in June, so that you have it readily available to provide to a servicer (again, assuming you qualify). And be sure to either get multiple copies of the documents needed or make copies of each on your own in case they get lost or additional copies are requested by the debt relief company. The sooner you can start this gathering process, however, the quicker you can get started with a settlement program.

Qualifying for and getting started with a credit card debt forgiveness program won't happen overnight, but it doesn't have to be an extended process, either. If you start the process now, in June, you can theoretically get approved and start the program relatively quickly. It took time to build up your costly credit card balance, but if you take strategic steps this month, you can begin the delayed work of regaining your financial freedom as soon as this July.