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Is Debt Forgiveness an Option for Your Credit Card Debt?


If you are feeling overwhelmed by credit card debt, you’re certainly not alone!  By the end of 2023, credit card debt had well exceeded a trillion dollars, with the average household in debt to the tune of nearly $8,000. The average APR on credit cards at that time was near 25 percent, but, according to Forbes, the average credit card interest rate in May 2023 is approaching 28 percent, and going as high as 30 percent in some cases. With these numbers, paying off an $8,000 debt can feel virtually impossible for many families. And since your credit score will impact the rate on your credit card, meaning those with the most tenuous financial situations are paying the worst rates.

What You’re Really Paying 

What do interest rates mean when you get down to the basics? Consider a credit card balance of $7,500.  With an interest rate of 23 percent, you’d be allowed 88 months to pay off the debt making minimum payments of $175.  At the end of that time, you’d have paid more in interest than the original amount owed: $7,831.  Things get much worse when the interest rate creeps up just four percentage points. Making the same minimum payments, you are given 137 months to pay off the card. The new terms mean you’ll be paying over $16,000 in interest now, in addition to the original $7,500. No wonder so many people are never able to get out from under credit card debt! Things get particularly ugly when efforts to pay off credit cards go hand-in-hand with continued use of credit cards.  Even when making regular payments, consumers simply get further and further in debt.

Seeking Debt Relief

 There are a number of ways an experienced Florida debt relief attorney can help you to get back on your feet financially. Depending on your situation, you may be interested in any number of solutions, including:

  • A debt management program: reducing interest rates to manageable levels with a goal of eliminating credit card debt within 3-5 years.
  • Debt settlement with creditors: Negotiating a lump sum payment to pay off creditors.
  • Debt consolidation: For individuals with relatively good credit scores, consolidating high interest loans into a single, lower interest payment.
  • Chapter 7 or 11 bankruptcy: Eliminating credit card debt altogether, but with the loss of some assets and/or payments to a trustee.

Get Help Now 

At the Law Office of Julia Kefalinos, our dedicated Miami debt relief attorneys are committed to achieving the best possible outcomes for you.  Schedule a confidential consultation in our Miami office to discuss the best options going forward.



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