Credit card balances just rose by $44 billion. Here’s how to have your debt forgiven now.

If it feels like your credit card balance is getting considerably larger, it’s not your imagination. It is. Credit card balances rose by $44 billion in the final quarter of 2025, according to a new report from the Federal Reserve Bank of New York. Balances now total $1.28 trillion, up 5.5% year over year, the report notes. With credit card APRs near 30% common now, it’s easy to see why balances are growing each year. Without the right debt relief strategy, however, borrowers will continue to see their balances grow – and their debt compound – with no end in sight.

Fortunately, there are multiple debt relief options available, some of which you may not have even known you already qualify for. Credit card debt forgiveness is one effective way to reduce your debt, perhaps by 30% or more. But it won’t be an overnight solution, and certain eligibility criteria will need to be met to even begin the process. But with credit card debt balances compounding by the day, it makes sense to explore this option sooner rather than later. 

So, how exactly can you get your growing debt forgiven now? Below, we’ll detail the three main criteria that servicers will look for before formally approving your application.

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How to have your credit card debt forgiven now

While each debt relief company may have slightly different eligibility requirements, many will mandate that borrowers have all three of the following to be approved for a credit card forgiveness program:

Owe $7,500 or more currently

While owing hundreds of dollars may feel unmanageable, that amount of money isn’t considered unreasonable by most debt relief servicers. Instead, these companies require borrowers to owe $7,500 or more on their credit cards right now. So you’ll need to meet that threshold to qualify, though the exact amount may vary depending on the servicer in question. If you don’t owe quite that much, however, an alternative solution like debt management or debt consolidation may be more appropriate.

Learn which credit card debt relief solutions work best for you now.

Be behind on payments

If you’ve been slowly but surely making your monthly credit card payments each month, it may not feel great, but it’s also a sign interpreted by servicers that you can still meet your debt obligations, even if not on an ideal timeline. Being behind on monthly payments, and especially if it’s a significant delay, however, can better help illustrate an inability to meet your debt obligations as initially agreed to. In other words, being behind on your credit card payments, as dangerous as that can be, can actually help your chances for getting approved for a forgiveness plan.

Have proof of financial hardship

You may have legitimate reasons supporting your inability to make your credit card payments each month, but debt relief servicers won’t just take your word for it. They’ll want to see proof of financial hardship, such as documentation detailing a job loss, medical illness, divorce or other item that has hampered your ability to make your monthly payments. Consider requesting or gathering this documentation now, then, before formally applying, to better expedite approval when a servicer inevitably asks for the paperwork supporting your case.

The bottom line

With credit card balances surging throughout the United States and double-digit interest rates and compound interest making it increasingly difficult to repay all that’s been borrowed, credit card users should seriously consider their debt relief options now. And that means evaluating your credit card debt forgiveness eligibility, specifically. Even if you don’t qualify, however, there may be viable debt relief alternatives that are a better fit. Consider speaking with a debt relief servicer directly, who can answer your question and help you get set up with the best solution for your individual needs and goals now.