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

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.