Store credit card debt: Can it be forgiven?

(NewsNation) — "Would you like to save 20% on your purchase today by signing up for a store credit card?" clerks often ask buyers at the checkout register. Makeup stores like Sephora, department stores like Kohl's, and even pharmacies like Walgreens have their own store credit cards.

It's easy to rack up debt on these cards, and some may have trouble making payments.

So, can store credit card debt be forgiven?

Retail credit card debt relief

The short answer: It's possible.

Like other credit cards, store-specific ones can qualify for debt settlement.

If a creditor doesn’t think you’ll be able to pay back your debt, then they may agree to let you pay off your credit card for less than the outstanding balance, thus “settling” your debt.

There are a few ways you can do that. First, you can call your lender directly and explain your situation. Depending on how much you owe and your payment history, they may be willing to negotiate a deal.

Store credit cards and your credit score

But it’s important to remember that an account marked as “settled” is not the same as “paid in full” and can hurt your credit score.

The business that issued the credit card also may not accept settlements.

People in debt can also consider reaching out to a nonprofit credit counseling firm. To check whether a credit counseling agency is legit, make sure they are certified by the National Foundation for Credit Counseling (NFCC).

To avoid any of these potential headaches, however, consumers should first always consider whether they can afford payments when signing up for a new credit card and whether the card is beneficial to their financial situation.

NewsNation's Andrew Dorn contributed to this article.