Don't start the debt settlement process until you know what you should offer to ensure that creditors take you seriously. Seksan Mongkhonkhamsao/Getty Images

Americans are carrying over $1.23 trillion in credit card debt right now, and for the borrowers who are struggling under the weight of this debt, that's not just a number on a spreadsheet. It's rent payments made on plastic, medical bills that couldn't wait and groceries charged when the checking account ran dry. And, in many cases, these charges were a last-ditch attempt at trying to make ends meet in today's inflationary environment .

The problem is, though, that amid these hurdles, average credit card interest rates are also sitting at record highs of over 22%, and as the interest charges compound month after mo

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