Is there any measure through which a portion of debt can be cancelled?
Yes, you can apply for COD or Cancellation of Debt. Your creditor will give you relief from the debt obligation. You can gain debt relief by using bankruptcy, debt relief program, or direct negotiation with the creditor.
For more information, you may contact 800-DEBT-913 in this number.
I don't think creditors will cancel or forgive your debts. However, they can allow you to postpone your payments without any penalty. You can also try to settle your debts online. Creditors usually forgive a portion of your debt in a debt settlement program. If you can't negotiate online, you can get the work done through a debt settlement company.
During this pandemic, many credit card companies are offering lower interest rates, skipping payments, etc to support their customers who are going through financial hardship. So, if you are going through financial hardship, you can talk to your credit card company regarding that and seek relief.
But trust me, buddy, it won't erase your debts. You will still owe your debts. I think the best possible option for you would be to opt for debt settlement program and get rid of your credit card debt. It will help you to pay off your debts with reduced amount and thereby you can be a debt-free person with ease.
Yes, debt settlement can help you get rid of your debts by paying less than what you owe. However, you'll have to pay a tax on the forgiven debt amount. Also, your credit score may also get reduced a bit.
You can also try debt consolidation to make your monthly payments affordable if you wish to make full payments and your financial condition permits that.