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How to get out of debt on a low income

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Chances are that you can pay your debts off much faster than you are right now — even on a low income. 

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Debt can be challenging, regardless of how much money you have. On the other hand, if you’re earning a relatively low income, that challenge can seem more like a debt trap that lasts forever. And, that’s especially true when you consider the fact that interest rates have been on the rise for a couple of years. 

So, what do you do if you’re living on a low income and struggling with debt? Are you destined to wade through the waters of debt forever or is there a lifesaver that can help you find your way out?

Don’t worry. You don’t have to drown in debt forever. There are things you can do to pay your debts off faster than you would by simply making minimum payments — even on a low income. 

Find out how quickly you can get out of debt now.

How to get out of debt on a low income

“If you’re in debt and have a low income, it’s important you have a plan to get out of it,” says Steve Azoury, ChFC® and owner of Azoury Financial. Here are a few things to consider as you develop your plan: 

Sign up for a debt relief program

“Your plan should include debt consolidation options,” says Azoury. Those options usually include: 

  • Debt consolidation loan: You may qualify for a debt consolidation loan that comes with a lower interest rate than you’re currently paying. These loans also typically offer fixed payment plans and a clear path to debt payoff. 
  • Debt consolidation programs: Debt relief experts use the details of your financial hardship to negotiate lower interest rates with your lenders. They also put together a payment plan that’s designed to get you out of debt as fast as possible. You make your payments to the debt consolidation company and the company pays your lenders individually on your behalf. 

If debt consolidation doesn’t provide enough relief, consider debt settlement. As part of these programs, debt relief experts negotiate the principal balance of your debt with your lenders. You make your payments to the debt settlement company, which pays your creditors once a settlement is reached. 

Because lenders typically go months or years without a payment, this can have a detrimental impact on your credit. Nonetheless, debt settlement could be a wise idea if you’re struggling to make ends meet.    

Sign up for a debt relief program today to save money and get out of debt faster.

Cut expenses to free up extra cash

One of the best ways to pay debt off quickly is to make more than minimum payments. That can be a challenge on a low income. However, you may be able to free up some extra cash to help you pay your debts off faster. Here are some common ways to do so: 

  • Make your morning coffee at home. 
  • Cut the cable cord and opt for streaming services. 
  • Bring your lunch to work instead of eating out. 
  • Carpool to save on your commute. 
  • Cancel unused subscriptions. 

These are just a few ways to save. Chances are you’ll be able to find plenty more ways to put money back into your budget with a little brainstorming. 

Take advantage of opportunities to earn more money

A low income can be challenging — especially if you’re trying to pay off debt. Why not take a few steps to make more money? For example: 

  • Freelance: Are you a strong writer? Do you love photography? There are likely plenty of brands willing to pay you for your talent. Look for ways to get paid doing something you love and you might be surprised at the side gig opportunities you find. 
  • Go back to school: You could further your education to work your way into a higher-paying career. 
  • Talk to your manager: Have you asked for a raise recently? If you’ve been working for the same employer for a while, asking for a raise could result in an immediate increase in your income. 
  • Start a business: Chances are that you have a business idea or two you just haven’t pulled the trigger on. Start your business now to boost your income.     

Use financial windfalls to your advantage

Just about everyone has a financial windfall from time to time. More than seven out of 10 people receive a refund when they file their annual taxes — and those refunds are typically thousands of dollars each. What should you do with these financial windfalls? “You should also be allocating a percentage of bonuses, tax refunds or cash gifts toward your debt,” explains Azoury.  

The bottom line

The only thing exciting about debt is finally being able to pay it off. Although it may seem impossible to escape your debt if you earn a low income, there are things you can do to speed up the payoff process. Use the tips above to help you get out of debt faster. 



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Pope Francis’ Catholic church reform process ends without giving more equity to women

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Pope Francis’ yearslong process to reform the Catholic Church closed Saturday with recommendations that fell short of giving women more equity as hoped but reflected the pope’s aims for a church that at least listens more to its followers.

In a significant move, the pope said he would not issue a teaching document from the recommendations, which called for women to be allowed all opportunities that Church law already provides while leaving open the contentious question of allowing women to be ordained as deacons.

As a result, it remains unclear what if any authority or impact the synod’s final recommendations will have, given the purpose of the exercise was to provide the pope with specific proposals on reform.

“In this time of war, we must be witnesses to peace” and give an example of living with differences, the pope said in explaining his decision.

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Pope Francis (C) attends the Second Session of the 17th Ordinary General Assembly of the Synod of Bishops at the Paul VI audience hall on October 26, 2024, in The Vatican.

TIZIANA FABI/AFP via Getty Images


Francis said he would continue to listen to the bishops’ counsel, adding “this is not a classic way of endlessly delaying decisions.”

Deacons perform many of the same functions as priests, such as presiding over baptisms, weddings and funerals, but they cannot celebrate Mass. Advocates say allowing women to be deacons would help offset the shortage of priests. Opponents say it would signal the start of a slippery slope toward ordaining women to the all-male priesthood that Francis has repeatedly reaffirmed.

Earlier this week, the Vatican’s top doctrinal officer, Cardinal Victor Manuel Fernandez, told the extraordinary assembly of 368 bishops and laypeople that Francis had said the moment “is not ripe” for allowing the ordination of women as deacons. He did not respond directly to a request to define what would determine “ripeness” for a greater role for women.

The multi-year synod process had sparked great hopes for change, especially for women, who have long complained that they are treated as second-class citizens in the church. Women are barred from the church’s highest ministerial positions, yet do the lion’s share of the work running Catholic hospitals and schools and passing the faith onto future generations.

Speaking to the synod on Thursday, Fernandez explained that a special working group would continue beyond the closing of the meeting, but that its focus would be on discussing the role of women in the church — not in the diaconate, or the office of deacon. He added that while working with women in previous pastoral roles, “most did not ask for or want the diaconate, which would be cumbersome for their lay work.”

The meeting asked for “full implementation of all the opportunities already provided for in Canon Law with regard to the role of women, particularly in those places where they remain under-explored.” It leaves open “the question of women’s access to diaconal ministry.”

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Pope Francis (R) attends the Second Session of the 17th Ordinary General Assembly of the Synod of Bishops at the Paul VI audience hall on October 26, 2024 in The Vatican.

TIZIANA FABI/AFP via Getty Images


It was the most contested paragraph of the final document, with 258 votes for and 97 against. It was not clear if the “no” votes were because the language went too far or not far enough.

The outcome is a disappointment for Catholics who have been campaigning for recognition that women share a spiritual calling that is no different than a man’s. They also noted that despite the inclusion of women in the synodal process, the working group that is guiding discussions on women’s role is being run by the Roman curia, operating outside the synod.

“I think the final document will be received with much disappointment and frustration by many women around the world who are hoping for concrete changes,” said Kate McElwee, the executive director of the Women’s Ordination Conference.

While she acknowledged a “cultural shift,” she said “the pace of that shift is perhaps too slow for many women.”

The first phase of the synod process ended last year by concluding it was “urgent” to guarantee fuller participation by women in church governance positions, and calling for theological and pastoral research to continue about allowing women to be deacons.

If before the synod the idea of allowing women to be deacons was a fringe proposal pushed by Western progressives, the idea gained attention during the debate. It became something of a litmus test of how far the church was going to go, or not, to address demands of women for greater equality and representation in the church’s highest ranks.

Francis, had other ideas, insisting that ordaining women would just “clericalize” them and that there were plenty of other ways to empower women in the church, even leading Catholic communities, without resorting to ordination.



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Jim Donovan, Cleveland Browns play-by-play announcer and TV sports anchor, dies of cancer at 68

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Jim Donovan, the beloved radio play-by-play announcer for the Cleveland Browns and a TV sports fixture for more than four decades, died Saturday. He was 68.

Donovan retired from his broadcast career earlier this year and stepped away from his game-day duties with the team before this season while battling cancer. Donovan announced his retirement from WKYC on May 30 and worked his final broadcast as a sports anchor on June 10. He had called Cleveland’s games since the team’s expansion rebirth in 1999.

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Cleveland Browns radio broadcaster Jim Donovan stands on the field prior to an NFL football game against the Buffalo Bills on Thursday, Oct. 3, 2013 in Cleveland. The Browns won 37-24.

David Richard / AP


“This is an incredibly difficult day for us and the entire Cleveland Browns organization,” Browns owners Dee and Jimmy Haslam said in a statement. “His impact as the Voice of the Browns for 25 years is immeasurable as he touched the lives of our fans each and every Sunday with his love for the Browns and his brilliance at his craft.

“He will be greatly missed, but he cemented a legacy that will live on forever. The only thing that outweighed his love for this city and this team was the love he had for his family. Our thoughts and prayers are with his wife, Cheryl, his daughter, Meghan, and everyone who was fortunate enough to call Jimmy family or friend.”

A Boston native known to everyone as “Jimmy,” Donovan endeared himself to Cleveland fans with his passion, sense of humor and professionalism. He was a stickler for detail, spending countless hours preparing for game broadcasts.

Donovan had recently been inducted into the Browns’ Legends Club and the Greater Cleveland Sports Hall of Fame. He had been too ill to attend the events.

When he was forced to step down in August, Donovan wrote a letter to Browns fans expressing his gratitude for their support.

“I have called Browns games for 25 years. Not a day has gone by when I haven’t paused and been so proud to be ‘The Voice of the Browns,'” he wrote. “Cheryl, Meghan and I thank you for all the love, support and prayers during my rough patches. It’s like having a huge family around us. And that’s what makes the Cleveland Browns so special. You do.”

Donovan had to step away as sports director at WKYC-TV last fall for several months to undergo treatment for leukemia. He returned to the broadcast booth in time to call the team’s late-season run to the playoffs.

Donovan was first diagnosed with chronic lymphocytic leukemia, a strain of the disease that starts in white blood cells and affects bone marrow, in 2000. He underwent a bone marrow surgery in 2011.

A graduate of Boston University, Donovan got to Cleveland in 1985. Along with doing local reporting of the city’s three professional sports franchises, Donovan also had several national network assignments and was part of NBC’s coverage team at the 1992 and 1996 Summer Olympics.



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