If your credit card balances are out of control, applying for debt forgiveness could make sense now. Getty Images/iStockphoto

The interest rate landscape may be easing, but millions of borrowers are still struggling to get ahead of their high-rate debt right now. Case in point? Credit card balances are climbing , and so are the minimum payments that come with them. As a result, Americans now owe roughly $1.21 trillion in credit card debt nationwide, according to the New York Fed — the highest level on record. And with average credit card APRs now hovering above 22% , even more cardholders are at risk of finding themselves falling behind each month.

Here's what many people in this situation don't realize, though: You have more options than simply grinding away at the min

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