Groups Seek Credit Card Debt Forgiveness

By: Associated Press Email
By: Associated Press Email

Washington (AP) The Federal Reserve estimates Americans have run up about $900 billion in credit card debt. And the number of those even with good credit who are defaulting on their balances is rising.

That has the financial services roundtable and the Consumer Federation of America teaming up to find a solution. They're asking federal regulators to allow lenders to reduce by as much as 40 percent the amount of credit card debt owed by deeply indebted consumers.

The pilot program would target those who don't qualify for the repayment plans already available.

The amount of debt to be forgiven would be decided on a case-by-case basis, depending on the borrower's financial condition, as banks try to recover at least some of the money they'd otherwise write-off.

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