Pursuing debt forgiveness could pay off right now, especially if you're carrying a hefty balance. Zoonar RF/Getty Images

The average American household now carries nearly $8,000 in credit card debt , but for many struggling borrowers, that average figure represents just the tip of the iceberg. With credit card interest rates hovering near their highest levels in decades — many cards now charge rates of 21% or more — even moderate balances can quickly balloon into overwhelming financial burdens. For those facing severe debt challenges , balances of $75,000 or higher aren't uncommon, particularly when medical emergencies, job loss or other financial shocks compound on top of existing obligations.

When you're staring down a debt load that large, the mathematics become particu

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