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Considering credit card debt forgiveness this fall? Here are 5 signs to look for
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While credit cards can be useful financial tools when managed responsibly, it’s surprisingly easy for this type of debt to become problematic. After all, the interest rates on credit cards tend to be higher than other borrowing options, so if you’re not paying off what you owe in full each month, your balance can grow out of control quickly. Couple that with the other economic hurdles we’re facing, like inflation pushing up the cost of housing, groceries and other necessities, and it’s easy to understand why credit card debt could feel like a heavy burden on your budget right now.
That doesn’t have to be the case, though. There are debt relief options, like credit card debt forgiveness (or debt settlement), that can help.
With debt forgiveness, the goal is to negotiate with your creditors to get them to accept less than the full amount owed to settle your debt. This option has its downsides, of course, but it can provide a lifeline for those drowning in credit card debt. So, if you’re overwhelmed by your credit card debt, it could benefit you to determine whether credit card debt forgiveness is the right step for you this fall.
Ready to start on the path to becoming debt-free? Explore your debt relief options here.
5 signs you should pursue credit card debt forgiveness this fall
If you recognize any of the following signs, it could make sense to consider debt forgiveness this fall:
Your credit cards are maxed out (or getting close to it)
Right now, a large (and growing) percentage of cardholders have maxed-out credit card accounts. About one in five credit card users are maxed out currently, according to data from the New York Fed. If you’re one of them, it’s probably a sign that you should consider credit card debt forgiveness.
When your credit cards are consistently at or near their limits, it’s a red flag that you’re relying too heavily on credit to cover your expenses. Being close to your credit limits also leaves you with little to no financial cushion for emergencies, and could force you to take on even more debt if unexpected expenses arise. By settling your debt, though, you could end up paying a fraction of what you currently owe, alleviating some of the financial pressure you’re facing.
Explore how the right debt forgiveness program could help you get your finances back on track.
Your credit card debt is compounding
Credit card interest rates are notoriously high. It’s common for credit cards to come with rates between 18% and 23%, but they can be much higher depending on your credit profile. In turn, any card debt you carry tends to compound quickly, making it increasingly difficult to pay off what you owe.
For example, let’s say you have a balance of $5,000 on a credit card with a 21% APR. If you were to make payments of $150 per month, it would take you over four years and $2,569.79 in interest charges to pay it off. That means you would pay the equivalent of more than 50% of the original balance in interest charges alone.
So, if you’ve noticed that your balances are increasing each month, it’s a clear sign that the interest you’re paying could become problematic in the future. That, in turn, may require you to take more drastic measures to get rid of your debt.
You’re only able to afford the minimum
While making only the minimum payment on your credit cards will keep your accounts current, it does little to reduce your overall debt. By only paying the minimum, you’re extending the life of your debt and significantly increasing the total amount you’ll pay over time.
So, if you find yourself unable to pay more than the minimum across multiple cards for several months in a row, it’s a strong indicator that your debt has become unmanageable. In turn, debt forgiveness might be worth considering.
You’re making late payments (or are missing payments entirely)
Late or missed payments are serious issues in terms of your financial health. Not only do they result in late fees and potential penalty interest rates, but they also severely damage your credit score.
If you’re struggling to make payments on time or have missed payments altogether, it’s a clear sign that your current debt load is unsustainable. At this point, exploring your debt forgiveness options may help you avoid further damage to your credit and get your finances back on track.
You’re seriously considering bankruptcy
Filing for bankruptcy should generally be considered a last resort due to its long-lasting impact on your credit and financial life. If you’ve reached the point where you’re seriously contemplating bankruptcy, it’s important to first explore debt settlement as an alternative. While debt settlement will still have a negative impact on your credit, it’s typically less severe and shorter-lived than bankruptcy. It also allows you to avoid the legal proceedings and potential asset liquidation associated with bankruptcy.
The bottom line
As we move into the fall season, take this opportunity to honestly assess your financial situation. If you identify with one or more of these signs, it may be time to reach out to a debt relief company to discuss whether debt forgiveness or another debt relief option could help. Remember, though, that while debt settlement can provide relief from overwhelming credit card debt, it’s crucial to also address the underlying financial habits that led to the debt in the first place.
Strapped into the SpaceX Crew Dragon capsule Endeavour, three NASA astronauts and a Russian cosmonaut returned to Earth early Friday, splashing down in the Gulf of Mexico to close out an extended 235-day expedition to the International Space Station.
After a high-speed re-entry above Central America and a steep descent to the Gulf, Crew 8 commander Matthew Dominick, co-pilot Michael Barratt, astronaut Jeanette Epps and cosmonaut Alexander Grebenkin settled to a gentle, on-target splashdown south of Pensacola, Florida, at 3:29 a.m. EDT.
NASA TV
A SpaceX team stationed nearby was on the scene within minutes to stabilize the capsule, make sure no toxic propellant fumes were present and then to haul it aboard a nearby recovery ship where NASA flight surgeons and support personnel were standing by to carry the returning station fliers out of the crew cabin.
Despite two hours of exercise per day throughout their stay in orbit, returning station astronauts need about a month or more to regain their “land legs” after months in the weightless environment of space.
As such, Dominick, Barratt, Epps and Grebenkin were expected to be carried out of the Crew Dragon and placed on stretchers before being rolled inside the ship for initial medical checks and calls to family and friends. All four appeared in good spirits, smiling and waving as they were rolled inside.
Mission duration was 235 days three hours and 35 minutes, during which the spacecraft circled the globe 3,776 times covering 100 million miles since launch from the Kennedy Space Center on March 3.
NASA
The crew originally expected to return to Earth in September. But the flight slipped into early October in the wake of a decision to delay the launch of their Crew 9 replacements because of problems with Boeing’s Starliner crew ferry ship.
NASA eventually ruled out bringing Starliner commander Barry “Butch” Wilmore and co-pilot Sunita Williams back to Earth aboard the Boeing spacecraft. Instead, the Starliner came down without its crew on September 7 and Crew 9 was launched with just two passengers — Nick Hague and cosmonaut Alexander Gobrunov — on Sept. 28.
That freed up two seats aboard the Crew Dragon for Wilmore and Williams to use when they come home next February with Hague and Gorbunov.
Sorting all that out pushed the Crew 8 departure into October. NASA and SpaceX then were repeatedly held up by high winds and rough seas at the approved splashdown sites, much of it related to hurricanes Helene and Milton.
But this week, conditions in the Gulf finally met NASA’s safety guidelines and the crew was cleared to undock and head for home.
With Crew 8 safely back on Earth, the Crew 9 crew will board their own Crew Dragon capsule early Sunday, Nov. 3, undock from the Harmony module’s forward port and then redock at its space-facing port.
The next day, an ISS-bound SpaceX cargo ship is scheduled for launch from the Kennedy Space Center. After an automated rendezvous, the ship will dock at the just vacated forward port on Nov. 5, election day in the United States.
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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.”
