Here's how much debt forgiveness could lower a $20,000 credit card debt this October

If you pursue credit card debt forgiveness on a $20,000 this October, the savings could be substantial. Dragon Claws/Getty Images

Credit card debt continues to climb across the nation, with the latest data showing that outstanding credit card balances have reached $1.21 trillion in total . That equates to the average cardholder carrying about $6,500 in credit card debt . That may not seem like a massive financial burden, but when you consider that credit card interest rates are currently averaging over 21% , and that card interest compounds daily , it's actually a recipe for disaster for many borrowers. Add in the other economic stressors that are looming, like sticky (and rising) inflation and elevated living costs, and it's clear to see how the current landscape is