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3 ways to pay off $30,000 in credit card debt
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Credit card debt is a challenge for many Americans. As persistent inflation continues to impact the economy, the Fed’s benchmark rate is paused at a 23-year high. In turn, credit card rates are elevated, and interest charges are making it difficult for many to cover just their minimum credit card payments.
The good news is that you have options to get out of debt. But what if you owe $30,000 in credit card debt and don’t have a plan that allows you to pay it off in the near future? How can you pay off $30,000 in a reasonable amount of time?
Get in touch with a debt relief expert now for help with your credit card debt.
3 ways to pay off $30,000 in credit card debt
It can take decades to pay off high credit card balances, but it doesn’t have to. Here are three effective ways to pay off $30,000 in credit card debt.
Get in touch with a debt relief service
Debt relief services can be an effective solution for overwhelming credit card debt, especially if you’re having a hard time making your monthly payments. These programs are designed to help those who are struggling with debt, so you typically won’t need a flawless payment history or significant financial resources to qualify. And, debt relief services typically help you in one of two ways: debt consolidation or debt forgiveness.
If you choose a debt consolidation or debt management program, experts will typically try to negotiate your interest rates and payment terms with your lenders on your behalf. They’ll also create a payment plan for you that fits your budget while getting you out of debt as quickly as possible. And, you typically make a single monthly payment to your debt consolidation provider, who sends payments to your creditors on your behalf until your debts are paid off.
If you choose a debt forgiveness or debt settlement program, debt relief experts will typically negotiate your principal balance with your lenders on your behalf. The goal is to get lenders to accept less money than you owe to clear your debts, which could lead to significant savings on a $30,000 debt. However, these programs can impact your credit score and may come with tax implications.
Find out how much money a debt relief service may be able to save you now.
Curb spending on luxuries
Simple luxuries like going out to lunch with colleagues each day may seem innocent enough but they can become costly over time. If you curb spending in these areas, it may help you get out of debt faster.
“Set up a budget so you can see where your money goes,” says Colin Farmer, owner of Lone Star Financial Group. “Be as realistic as possible. If you like Starbucks, make sure you have the amount you spend in your budget.”
You should also determine which items in your budget qualify as luxuries.
“Put an ‘A’ next to everything that has a penalty when you do not pay it on time. Put a ‘B’ next to everything you must pay like food and gas,” Farmer says. “Everything without an A or B is a luxury.”
Doing this could free up funds to pay your debts off faster, but be careful.
“Do not cut out luxuries completely because you will not stick with the program,” says Farmer.
Get creative with your payments
Once you curb your spending, you can decide how much you can pay toward your debts each month. But taking the right payment approach is critical, according to Farmer.
“Just add the excess debt payment to the minimum payment of the credit card with (the) highest interest payment,” Farmer says. “Once that credit card is paid in full, add that entire payment toward your second highest interest credit card, then your third and so on until your debt is paid in full.”
This payment strategy works by getting rid of your highest-rate debts first.
Or, if you need little wins during the debt payoff process, there are other strategies for tackling your payments.
“Start paying extra on your lowest-balance credit card (even a small amount helps!),” says Lamine Zarrad, founder and CEO of StellarFi.
By using this strategy, you’ll pay off your lowest debt first.
“Once you’ve paid that off, roll that amount over to the card with the next lowest balance,” Zarrad says.
The little wins may help you stick to the plan until you pay off the full $30,000 credit card debt.
The bottom line
Owing $30,000 in credit card debt can feel overwhelming, but there are ways to pay it off. For example, it may help to get in touch with a debt relief company. You can also review your budget to get rid of excess spending and get creative with your monthly payments to pay your debt off faster. By taking one or more of these routes, you may be able to pay off what you owe much faster than you expect — and in some cases, you could also reduce what you’re spending on interest in the process.
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A 15-year-old boy was charged Thursday with murder in the shooting deaths of his parents and three of his siblings at a home in Fall City, Washington, according to court documents obtained by CBS News.
The teen, whose name is being withheld because he is a juvenile, was charged with five counts of aggravated murder in the slayings of his parents, Mark and Sarah Humiston, two brothers, ages 9 and 13, and his 7-year-old sister, per King County court records.
He was also charged with one count of attempted murder for shooting and wounding his 11-year-old sister, the documents read.
That girl was in “satisfactory condition” at Harborview Medical Center in Seattle, hospital spokesperson Susan Gregg told the Associated Press Tuesday.
Autopsies performed by the King County Medical Examiner’s Office determined that all five victims died of gunshot wounds. The handgun used in the shooting was believed to belong to the victim’s father, the court records state.
According to the charging documents, just before 5 a.m. Monday, the suspect called 911 with a false story in which he claimed that his 13-year-old brother “just shot my whole family and committed suicide too” at the family’s home in Fall City, which is a community located near Seattle.
However, at about the same time as that call, 911 dispatchers received a second call from a neighbor who lives about a quarter-mile away. That neighbor said the suspect’s 11-year-old sister had ran to his house and was bleeding from what appeared to be a gunshot wound, the documents said.
The girl said her entire family had been fatally shot and identified her 15-year-old brother as the shooter. The girl told dispatchers she was also shot by her brother and “then described holding her breath and playing dead,” the documents read. The girl later told detectives that she had escaped through a bedroom window.
Deputies responded to the Humiston home, where they found the suspect in the driveway and took him into custody, court records show. The five victims were found dead inside the home.
In a hospital interview with detectives later that day, the suspect’s surviving sister said that she identified the firearm used in the shooting as “her father’s silver Glock handgun,” court documents state.
She said that her father kept the pistol in a small lockbox that “he would sometimes put by the front door so he could bring it to work,” the documents read. She told detectives that the suspect was “the only one who knew the combination to the Glock lockbox.”
Investigators determined that the suspect “systematically murdered” his parents and siblings and “then staged the scene prior to the arrival of first responders to make it appear” that the murders had been committed by his 11-year-old brother, documents read.
The court documents did not speculate on a motive.
The suspect is scheduled to be arraigned Friday afternoon. The King County Prosecuting Attorney’s Office said in a news release Thursday that the suspect is in custody at the Clark Child and Family Justice Center, which is a juvenile facility.
The teen is currently being charged as a juvenile, and prosecutors said a judge will determine whether his case “will be moved to adult court.”
In a statement Tuesday, public defenders representing the suspect said that “our client is a 15-year-old boy who enjoys mountain biking and fishing and has no criminal history.”
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