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The idea that borrowers may be able to have some of their credit card debt forgiven is naturally appealing. But in the economic climate of recent years, this possibility has become particularly powerful. Thanks to a combination of higher interest rates on borrowing products, a stubborn (if significantly cooled) and hard-to-predict economic policies and changes, many Americans have turned to credit cards to make ends meet. But credit cards haven't been immune to market conditions, with last fall (they've only come down slightly since). That's made the of approximately $8,000 particularly difficult to pay down and has resulted in many borrowers exploring their .

, in which borrowers could see 30% to 50% of their balance forgiven, can be especially advantageous in this climate. To understand how it works and the , however, it's important to clarify a few items. One important one starts by defining what credit card debt forgiveness is (and what it isn't). Below, we'll complete that analysis and, importantly, help you determine if this is the right debt relief solution for your circumstances.

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Credit card debt forgiveness is also known as debt settlement, and they're often viewed the same way by servicers. Technically, credit card debt forgiveness can occur in multiple ways, either through a negotiated debt settlement process, a specific type, or sometimes through a . 

You won't be able to have your credit card debt forgiven, however, without first having a debt settlement agreement in place, even though that agreement could be reached via multiple avenues. So, yes, credit card debt forgiveness is often considered the same as debt settlement, although it helps to clarify the definition of each service with the debt relief company in question, as their interpretation of the service could be different than the competitors.

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So now that you understand the nuance in the definition between credit card debt forgiveness and debt settlement, you may be wondering about your qualifications. How do you get ? Here are the three main qualifications:

These are the main qualifications; however, many debt relief companies may require you to meet more criteria to move forward. So don't automatically assume you'll qualify. Instead, shop around for debt relief companies and research each one's forgiveness criteria to determine which is easiest to qualify for.

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Debt settlement and credit card debt forgiveness are often used interchangeably when discussing credit card debt relief. So don't get confused by their similarities. Instead, take the time to review all of your debt relief options (of which there are many) to better understand how they work, who qualifies and, perhaps most importantly, which one will be most appropriate for your debts. By doing this research now and by understanding the nuances of each approach, you can make the right choice and start the delayed work of regaining your financial freedom.