With the average credit card debt around $8,000 currently, it's no wonder that many Americans are searching for debt relief. Combined with the fact that the average credit card interest rate sits just under a record 23% and the reality that compounding interest is making it increasingly difficult to pay off previously manageable balances, credit card debt forgiveness may seem like the solution many borrowers are searching for.

And it very well can be. This type of debt relief, for qualified borrowers, can eliminate 30% to 50% of your credit card debt, providing the help you need to get back on track and dig out of debt once and for all. But if you're planning on applying for credit card debt forgiveness soon, there are some things you may want to consider doing first. Instead of immediately applying this July, then, we compiled a list of items that you should consider before taking action. Below, we'll detail three of them.

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3 things to do before applying for credit card debt forgiveness this July

Don't rush into a credit card debt forgiveness plan this summer before first taking these three steps:

Determine if you (really) need it

Credit card debt forgiveness may seem like a quick way to regain your financial freedom, but it's not exactly quick (it can take 24 to 48 months) and it may not be something you really need anyway. Do you have healthy spending habits? Do you have the budget to pay off what you owe without having to ask for help or forgiveness? Remember, not only will this service take multiple years, but it will also damage your credit score, and it will likely come with tax implications. So take the time, first, to determine if you even need it. You may be surprised by the answer you come up with.

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Explore all alternatives

You should never pursue your first offer, and fortunately for those in debt, there are multiple options available. Ranging from debt management programs to credit counseling to debt consolidation loans and more, there may be a viable alternative for you that won't come with the lengthy process and credit score ramifications that a debt forgiveness program offers. But you won't know which is the right fit for your unique circumstances until you take the time to explore all of them. Keep credit card debt forgiveness as the backup option until you've fully examined your other, potentially more appropriate, debt relief options.

Shop around for servicers

Once you've determined your genuine need for credit card debt forgiveness and compared it to all alternatives, you'll want to spend some extra time shopping around for servicers. Not every debt relief company will offer this unique solution, nor will every debt relief company have identical eligibility criteria or fees associated with their programs. It's important, then, to shop around for servicers to find a legitimate one that's most cost-effective for your debt balance (there will be a fee you'll need to pay for this type of help). This will have the unfortunate consequence of delaying a forgiveness program until later in the summer but if the alternative means getting stuck in a program that you can't afford and won't help, it's a delay well worth enduring.

The bottom line

Credit card debt forgiveness may or may not be the debt relief solution you need this July. By making the three aforementioned moves, however, and by keeping an open mind about your balance and the reasons you got stuck in debt to begin with, you can begin the delayed work of regaining your financial freedom. Just be sure that whatever solution you ultimately decide on is the right one for you, both now and into the future -- and not one that just seemed quick and pain-free this summer.

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