How much would settling $15,000 in credit card debt cost after fees?
Summary
Many people carry large amounts of credit card debt, making it hard to pay off because of high interest rates. Debt settlement can reduce the amount owed, but fees from debt relief companies cut into the savings.Key Facts
- Credit card debt in the U.S. reached $1.26 trillion in the second quarter of 2026.
- Average credit card interest rates are about 22%.
- Debt settlement typically reduces balances by 30% to 50%.
- For $15,000 debt, settling could cost between $7,500 and $10,500 before fees.
- Debt relief companies charge fees from 15% to 25% of the total debt enrolled.
- For $15,000 debt, fees would be $2,250 to $3,750 depending on the rate.
- After fees, total costs are higher, which reduces net savings.
- Debt settlement might be a good option for those who cannot keep up with payments.
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