Credit card forbearance is just one of the options you have if you need relief from your high-rate card debt. Getty Images

As credit card balances hit new highs, many Americans are feeling the strain. According to the Federal Reserve Bank of New York, total credit card debt surpassed $1.2 trillion earlier this year , with the average household carrying nearly $8,000 in revolving balances . On top of that, credit card interest rates remain near record levels as they hover near 22% on average , which means even modest debts are growing more expensive by the month.

The rising cost of borrowing is also colliding with another troubling trend: late payments. Delinquencies on credit card accounts have been steadily climbing, particularly among younger borrowers and those with

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