Is $10,000 in credit card debt enough for debt forgiveness?

We may receive commissions from some links to products on this page. Promotions are subject to availability and retailer terms.

September 10, 2026 / 12:33 PM EDT / CBS News

There's no universal dollar amount at which credit card debt suddenly becomes a serious financial problem. For one borrower, a $10,000 credit card balance may be manageable with a few changes to the monthly budget. For another, that same balance can be nearly impossible to make progress on, particularly when there's little money left over after covering housing, groceries and other necessities.

That distinction matters right now, as borrowers added another $21 billion to their credit card balances during the second quarter of 2026, bringing the nationwide total to $1.26 trillion. That means the scales have tipped from manageable credit card debt to a looming financial crisis for more borrowers. You don't need to owe tens of thousands of dollars for credit card debt to put real pressure on your finances, though. Even a $10,000 balance can translate into years of payments once interest is factored in.

If you aren't making meaningful progress on what you owe, continuing with the same repayment approach may not feel sustainable. At that point…

Original source: https://www.cbsnews.com/moneywatch/