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, on the surface, sounds like an ideal solution to a costly problem. As long as they have a debt balance in a minimum amount between $5,000 and $10,000, a demonstrated inability to pay as agreed to and a underlying that issue, borrowers could see their debt cut by 30% to 50%. That will give them the financial freedom they may not have otherwise secured by just making each month. And that's especially attractive now, with near record highs, and the reality of that daily on an .

But credit card debt forgiveness isn't a one-size-fits-all solution, either. There are strong (and timely) reasons for both applying for forgiveness and for exploring alternative debt relief options instead, especially this month. So, does credit card debt forgiveness really make sense this July? Below, we'll break down why it could (and couldn't) be the resolution to your debt issues right now.

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Not sure if credit card debt forgiveness is the right next step to take? Here's what to consider now:

If your credit profile fits the above criteria and you don't have a clear way to otherwise pay off all that you've borrowed, credit card debt forgiveness could make sense this month. With an average credit card interest rate of over 21% right now, delaying action won't be advantageous, and it could result in your balance growing and your credit score dropping at the same time. Plus, with , and minimal cuts expected then, there will be a muted impact on your current credit card rates. So, .

That said, an effective credit card debt forgiveness program takes time, with the debt load typically being reduced within . So, if you know you need the help and have exhausted researching alternative like , , and more, then it may be time to get the debt forgiveness process started this July and begin the process of regaining your full financial freedom.

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If you don't meet the aforementioned , then it won't be the solution for you this month, even if you prefer it to be. But even if you do meet the qualifications, but have the financial ability to pay off what you owe in a reasonable time frame, it may be worth avoiding a program. Credit card debt forgiveness, after all, will have an impact on your credit score. And if you can avoid that, you almost always should take the steps to do so. 

There are also options like credit counseling, , , and others that can and should be reviewed before settling on a final debt resolution plan. Consider those strategies, first, then, to determine which makes the most sense for your financial situation now. You may be surprised to learn which is most applicable.

Credit card debt forgiveness comes with one major benefit: the ability to reduce what you owe on your credit cards right now. But it won't necessarily be the most advantageous or applicable strategy for your unique situation. Consider reviewing all of your options closely, then, to see which is the best fit for your debt and budget. It may ultimately be that forgiveness is your ideal fit this month but it may also not be. By taking the time to thoroughly research your options you'll put yourself on a better and smoother path toward paying off your debt once and for all.