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may have cooled slightly over the last few months, but consumers still aren't getting a break on their credit cards. The is well over 21%, and overall are up year-over-year, too (they currently total $1.18 trillion — a 6% jump over 12 months ago).

When you throw in the costs of living and prices on many goods and services are up, digging out of credit card debt can be a challenge these days — even with proven strategies, like the .

For some consumers, exploring a more drastic option like may be necessary. This is when your creditor agrees to let you settle your debt for a lower amount than you owe, typically via a lump sum payment. If you're a credit card user suffering under the weight of high-rate debt, you might want to consider this June. We asked some experts why this could be the smart move to make now. 

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Here are three big reasons why credit card debt forgiveness could make sense for you this June:

Rates are high right now, and while overall interest rates tend to drop pretty quickly when the Federal Reserve reduces its rate (something experts say will likely happen once or twice more this year), don't follow the same path. For this reason, you may want to explore credit card forgiveness sooner rather than later. 

"When the Fed starts cutting, credit card rates are usually the last to come down," says Stephan Shipe, a flat-fee financial and investment advisor at Scholar Financial Advising.

This means . And even when they do? Consumers shouldn't expect anything major, experts say.

"If the Fed cuts rates later this year or next, we're not likely to see credit card interest drop dramatically," says Howard Dvorkin, chairman of Debt.com. "Any changes will be slow and small."

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If credit card forgiveness is anywhere on your radar, getting the process started soon should be a priority. According to Dvorkin, it can take anywhere from successfully, sometimes even longer.

"The sooner you start, the better," Dvorkin says. "If you're paying 20% or more in interest, waiting costs you money. Every day you delay, that interest compounds. You're not just standing still — you're sinking deeper."

As Dvorkin noted, not only does waiting mean more interest charged and higher balances (once that interest is ), but it also makes the cycle of debt even harder to get out of.

"If you're considering it, it would be important to start the process soon, especially if rates are high on your current debts," says Bruce Maginn, advisor at Solomon Financial. 

If you're nearing the point where defaulting on your debt or even filing for is on your mind, then seeking out debt forgiveness needs to come first — and fast this June.

For one, defaulting is going to mean a big ding to your credit score, or it could even lead to . And filing for bankruptcy? That's even more damaging. 

"Bankruptcy might be quicker and cheaper in terms of total cost, but it also carries a much heavier long-term credit impact," Dvorkin says. "It wipes the slate but leaves a mark that stays for up to 10 years."

Forgiveness looks better to future creditors, too, so it helps you keep the door open to future loans and other financial options you might need down the line. As Dvorkin puts it, "It shows you made an effort to repay."

If you're dealing with a lot of credit card debt, seeking might be an option. But take note: It will have an impact on your credit, and it could take a while. For these reasons, Shipe says it's best reserved as a "second-to-last resort" (bankruptcy is last). 

"It should not be entered into lightly," says David Johnston, managing partner at Amwell Ridge Wealth Management. "If what you owe has grown to an unmanageable level, you don't see your income rising to meet the debt service obligations, or if you are on the verge of having your home foreclosed upon, then these extreme measures may be worth exploring."