What is debt forgiveness?

The average American owes about $40,000 in personal debt, which is a staggering. debt figure considering it does not include mortgages and other larger loan products. It can be difficult to pay off this debt, due to the high cost of living expenses. Debt consistently grows if left unaddressed, which makes it difficult to manage. For instance, people who can only afford minimum monthly payments on their debt will keep getting new debt added onto their balance. Debt forgiveness offers a way to alleviate the effects of debt.

Debt forgiveness is literal, and involves cancellation of some or all of your debt. However, true debt cancellation is really difficult to find. In many cases, debt forgiveness will involve a heavy personal cost such as bad credit, additional taxes and lost security.