Your Money Matters: U.S. Credit Card Debt Hits Record $1.14 Trillion, Forgiveness Programs Offer Relief Options

Americans face rising credit card debt, exceeding $1.14 trillion in Q2 2023. Credit card forgiveness offers potential relief for those with $7,500 in debt and financial hardship proof.

Friday, October 4th 2024, 6:31 am

By: News On 6, Dave Davis

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TULSA, Okla. -

Americans are seeing a rise in credit card debt as the cost of housing and food has surged over the past two years.

In the second quarter of this year, total nationwide credit card debt surpassed $1.14 trillion for the first time in U.S. history. One option to reduce this growing debt is credit card forgiveness, where debt relief companies negotiate with creditors to lower the owed balance.

However, individuals must meet certain criteria, including having at least $7,500 in debt and providing proof of financial hardship, such as income statements or medical bills, to qualify.

Dave Davis

Dave Davis joined the News On 6 team in 2010. Dave is a news anchor and co-anchor of 6 In The Morning for News On 6, bringing Oklahomans the latest headlines, financial insights, and local stories every weekday from 5–10 a.m. Dave is a regional Emmy Award winner and Edward R. Murrow Award recipient for his dedication to delivering accurate and engaging news to Oklahomans.