Debt forgiveness can cut $35,000 credit card debt by up to 50%

Debt forgiveness can significantly reduce a $35,000 credit card balance. Using a debt relief company may lower the debt by 30% to 50%, potentially bringing it down to between $17,500 and $24,500, depending on financial hardship and payment history. If debt forgiveness isn't suitable, other options include credit counseling, which offers structured payment plans, and debt consolidation loans that may lower interest rates. For severe debt, Chapter 13 bankruptcy can provide a court-supervised repayment plan. Each debt relief strategy has advantages and disadvantages. Individuals should assess their financial situation and goals to determine the best approach for managing their credit card debt.