As President Donald Trump's 'Big, Beautiful Bill' is poised to add trillions to the U.S. national debt, the Treasury ...

3 ways to get your credit card debt forgiven Option 1: Negotiate with creditors yourself Anyone can negotiate with their creditors. The first step is to contact them and explain your situation.

Your current credit card debt amount Sure, you may owe less than that $8,000 average amount … or you may owe more. Either way, if you can't pay off what you owe in its entirety, then it may make ...

Credit card companies and debt collectors may forgive some of your debt if you have a significant financial hardship. You can negotiate your debts yourself, or get help from a professional service.

Credit cards represent the most common form of debt for those of us in the 50 and older bracket. According to a 2025 AARP survey, 52% of those in the 50-64 group are carrying credit card balances ...

This makes it the most common form of debt, outpacing mortgages (35 percent), auto loans (31 percent), medical debt (27 percent), personal loans (25 percent) and student loans (22 percent).

In these cases, the credit card company will generally send you a Form 1099-C, "Cancellation of Debt," which reports the amount of debt forgiven to both you and the IRS.

At the moment, U.S. credit card debt jumped by $45 billion in the fourth quarter to $1.21 trillion, according to the Federal Reserve, as reported by Forbes.com. While the central bank did not ...