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3 cheapest ways to pay off credit card debt

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The right strategy could make it cheaper for you to pay off your credit card debt.

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Credit card debt can be expensive. Depending on how high your credit card debt is, you could end up paying thousands of dollars in interest on what you owe — and the pay-off process could take decades

And, right now, your credit card debt could be costing you more than it has in the past. The federal funds rate is currently paused at a 23-year high, and rates on credit cards and other lending products are up in tandem. In turn, your required minimum credit card payments have likely increased.  

That can be difficult to deal with in today’s inflationary environment. After all, higher prices of consumer goods and services may already be squeezing your budget. And if you’re tired of carrying balances on your credit cards from month to month, you may be looking for the cheapest ways to pay off your debt. The good news is that you have multiple options to choose from. 

Find out how much money you could save with a debt relief service now

3 cheapest ways to pay off credit card debt

Here are some of the cheapest ways to pay off your credit cards

Debt relief services

Credit card debt relief companies can reduce the cost of your credit card debt in a couple of ways. First, these programs typically work to negotiate better terms with your lenders on your behalf, which could result in lower interest rates or card balances. Moreover, debt relief service providers usually create a payment plan that’s designed to get you out of debt as fast as possible. And, paying your debts off faster could lead to interest savings. 

The cost of using a debt relief service could also be cheaper compared to other routes, like bankruptcy, which can come with attorney fees, filing fees and other costs. For example, debt relief providers are prohibited from charging fees for their services until they settle your debt for less than you owe or otherwise substantially lower your debts. 

And, when you are charged fees related to the debt settlement, it’s typically a percentage of the enrolled debt. These fees generally range from 15% to 25% but can vary by debt relief service.

You may also be able to avoid fees entirely by negotiating with the credit card companies to lower your rate or balance on your own. However, do-it-yourself negotiations may not be as successful as negotiations that are handled by an expert, and the process could take some time to work through. 

Find out how a debt relief service can help you tackle your credit card debt today

Income-driven repayment plans

Some credit card companies may also offer income-driven repayment plans, also known as financial hardship programs, to customers who are having a hard time keeping up with their payments. 

“If a customer is in legitimate financial trouble, credit card companies have an incentive to offer short term relief if it means (1) maintaining the customer relationship and (2) getting paid back in the long run,” says Justin Leto, CEO and co-founder of Idea Financial. 

So, if you’re in a financial bind and can’t make your credit card minimum payments, it could help to give your lenders a call. They may be willing to reduce your interest rates and minimum payments temporarily, offering you the ability to save money while you pay your debt off. 

And, there are rarely extra fees tied to these types of hardship programs, so they can be a cheap way to tackle what you owe on your cards. However, you’ll likely only qualify for this type of program if you can show that there’s a genuine need for it. 

“Of course, there are businesses and consumers who will opportunistically seek payment relief when it isn’t justified, so lenders must institute strict policies regarding if, and when, a customer will be granted relief,” says Leto.

Home equity loans

If you own your home, your equity could be a cheaper way for you to pay off your credit card debt. For example, you may be able to use a home equity loan or home equity line of credit (HELOC) to borrow against your equity at a competitive interest rate and then use the money to pay off your credit card debt

For example, right now, the average credit card interest rate is currently over 21%, while the average HELOC interest rate is just 9.01%. So by essentially consolidating your current card balances using a HELOC to pay them off, you may be able to significantly reduce the cost of paying off your credit card debt.

And you may be able to tap into an even lower rate with a home equity loan. The average home equity loan currently has a rate of 8.59%, so using this type of loan to pay your credit cards off can offer meaningful interest savings.    

It’s worth noting, though, that you’ll typically have to pay closing costs on your home equity loan or HELOC. However, depending on the overall savings the lower rate can offer, the additional fees may be worth it to get the interest savings a HELOC or home equity loan can provide. 

The bottom line

Credit card debt can be costly, but there are ways to cut that cost. If you’re struggling to make your minimum payments, some of the cheapest options may be to reach out to a debt relief provider or speak to your creditors directly for help. Or, if you own your home, you may want to consider using a home equity loan to pay off your high-interest credit card balances to save money over the long run. 



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Kamala Harris turns to her faith in outreach to Black voters

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Atlanta – Reva Harvey didn’t know Vice President Kamala Harris would be coming to her church on Sunday. But with almost two weeks left until Nov. 5, she thought it was “essential” for her to do so. 

Harvey, a 53-year-old Black woman whose birthday was one day before Harris’, said the vice president’s visit to the New Birth Baptist Church in Stonecrest, Georgia, could help her find older Black voters and give them “the information that they need.”

“You need to hit every corner, turn every song, just to be safe,” Harvey said at Harris’ Saturday rally in Atlanta.

Harris, a Baptist, capped off a week of heightened outreach to Black voters with visits last Sunday to two churches in the Atlanta area. Her focus underscores the importance for her in activating and persuading Black voters, the core of her party’s electorate, by going to a stronghold within the community. 

APTOPIX Election 2024 Harris
Democratic presidential nominee Vice President Kamala Harris, right, hugs an attendee at a church service before speaking at New Birth Baptist Church in Stonecrest, Ga., Sunday, Oct. 20, 2024.

Jacquelyn Martin / AP


At a CNN town hall on Wednesday night, Harris highlighted her faith, saying she prays “every day, sometimes twice a day.” 

“I was raised to believe in a loving God, to believe that your faith is a verb,” Harris said. “You know, you live your faith. And that, that the way that one should do that is that your work and your life’s work should be to think about how you can serve in a way, uplifting other people. “

She said one of the first phone calls she made after President Biden told her was dropping out of the presidential race was to her pastor. She said she “needed that spiritual kind of connection.” 

Georgia Sen. Raphael Warnock, during an appearance at a Jonesboro, Georgia, church with Harris, threw cold water on the idea Trump was siphoning off Black male support away from Harris, and got the men in the crowd to stand up and chant “real men vote.”

“This talk about Black men voting for the other… you know what I’m talking about. I don’t believe it,” said Warnock, who added “the real threat is not Trump, but not showing up.”

In recent weekends, Harris has attended multiple Black church services in southern battleground states. 

At the New Birth Baptist Church, Harris referenced the Gospel of Luke in reciting the “Parable of the Good Samaritan” and saying that first responders and those helping recovery efforts from Hurricane Helene and Milton represent “the good Samaritans walking among us.” 

Later, at a “Souls to the Polls” event at the Divine Faith Ministries in Jonesboro, Georgia, Harris was joined by music legend Stevie Wonder and Warnock, a senior pastor at Ebenezer Baptist Church. 

“This is an afternoon about faith and action,” Harris told the crowd, referencing the “Souls to the Polls” month-long mobilization of Black voters that launched last Sunday. 

Election 2024 Harris
Democratic presidential nominee Vice President Kamala Harris, left, and bishop Donald E. Battle, right, look on as Stevie Wonder speaks during a church service and early vote event at Divine Faith Ministries International, Sunday, Oct. 20, 2024, in Jonesboro, Ga.

Jacquelyn Martin / AP


The campaign has a National Advisory Board of Black Faith Leaders leading this effort through surrogate appearances in battleground states, including Harris’ own pastor, Reverend Amos C. Brown from San Francisco.

“It takes a real man to support a woman, who are not intimidated by an educated woman,” said Jamal Bryant, the senior pastor at the New Birth Baptist Church, as Harris sat in the congregation. 

Black male voter outreach 

Recent CBS News polling of the battleground states shows Harris’ support with Black voters is equal to levels President Joe Biden saw in a 2020 exit poll. But a higher number of Black men (19%) said they are supporting former President Donald Trump, compared to Black women (7%). 

Former President Barack Obama, who made history as the first Black president and has been on the trail for Harris in recent weeks, used a sobering tone to address Black men in Pennsylvania earlier this month. 

“You’re coming up with all kinds of reasons and excuses,” Obama said. “Part of it makes me think that, well, you just aren’t feeling the idea of having a woman as president.”

Recent weeks saw a heightened focus from the Harris campaign to target Black men. Last Monday, Harris released a new policy plan that was a direct appeal to Black male voters. It included a National Health Equity Initiative to focus on illnesses disproportionately impacting Black men, the legalization of marijuana and creating opportunities for Black Americans in the field, and providing up to 1 million forgivable loans up to $20,000 for Black entrepreneurs. 

When asked to compare the enthusiasm behind Harris’ campaign and Obama’s 2008 run, Harvey said while there is excitement and energy for Harris, “it’s not as hype” as she wants it to be, in part because some voters are reluctant on Harris because of her gender. 

In a MSNBC interview with Rev. Al Sharpton, Harris pointed to her Atlanta rally of over 10,000 as evidence of her support from Black men, but said, “I am very clear I must earn the vote of everyone, regardless of their race or gender.”

“What can be frustrating sometimes is to have journalists ask me this question, as though one should assume that I would just be able to take for granted the vote of Black men. I think that’s actually an uninformed perspective, because why would Black men be any different than any other demographic of voter? They expect that you earn their vote,” she said.

Harris’ running mate, Minnesota Gov. Tim Walz, touted the campaign’s proposed policies meant to help the middle class when asked what his message is to Black men in Philadelphia. 

“I think we need to make sure we’re getting out to them. We hear what they’re saying. We understand that their concern with issues, whether it’s climate, or health care, or reproductive rights, men care about that too,” Walz told Philadelphia’s 6ABC.

The Harris campaign has long contended that Black and Latino voters have remained as “persuadable” voter targets throughout the entire race, citing early investment in Black-specific advertising.

Election 2024 Harris
An attendee holds a campaign fan before Democratic presidential nominee Vice President Kamala Harris arrives to speak during a church service and early vote event at Divine Faith Ministries International, Sunday, Oct. 20, 2024, in Jonesboro, Ga.

Jacquelyn Martin / AP


Harris has also done several interviews this month with Black male journalists on platforms with predominantly Black audiences in recent days such as a Detroit radio town hall with “The Breakfast Club” and host Charlamagne tha God, with “The Shade Room” and journalist Roland Martin’s “Black Star Network.”

Black Democratic operatives say these appearances may be as effective, if not more, in convincing undecided Black voters than specific policy plans.

“It is helpful to be in the spaces and to be with validators that are not of government or of the institutions,” said Democratic strategist Joel Payne, who added that many young Black male voters who are undecided may have an already existing distrust with government. “You gotta flood the zone, and I think that’s what they’re trying to do.”

Payne viewed the Harris campaign’s targeting of Black voters as recognition they need to maintain high turnout in cities with high Black populations, such as Detroit, Milwaukee and Philadelphia, as well as with Black rural voters in Georgia and North Carolina. 

“They would not be doing that three weeks before Election Day if they didn’t feel like they needed to,” he added.

Quentin James, the president of the “Collective PAC” which boosts Black candidates, praised Harris’ policy proposals and argued it’s not “too little too late” for Harris to be looking to persuade Black voters. 

“The question is like, ‘What will people have her do? Act as if the vote is not important, and just kind of sit back and cruise? No, she’s out working, and that’s not a sign that things are bad,” James said. 



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Menendez brothers should be resentenced, Los Angeles County DA says

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Menendez brothers should be resentenced, Los Angeles County DA says – CBS News


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Lyle and Erik Menendez should be resentenced in the 1989 killings of their parents, Los Angeles County District Attorney George Gascón announced Thursday. The case will now go before a Los Angeles Superior Court judge who will decide to formally resentence both men and determine if the brothers should be released from prison. CBS News legal contributor Jessica Levinson breaks down the decision.

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McDonald’s E.Coli outbreak leads Burger King, KFC, Pizza Hut to remove onions from some locations

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Amid a deadly E. coli outbreak linked to McDonald’s Quarter Pounders, Burger King and Yum Brands are pulling fresh onions from some of their own locations.

Yum is yanking the topping from some KFC, Pizza Hut and Taco Bell locations “out of an abundance of caution,” Yum said Thursday in a statement to CBS News. Yum did not specify the locations impacted. “We will continue following supplier and regulatory guidance to ensure the ongoing safety and quality of our food,” a spokesperson for Yum said.

Burger King said it has asked the 5% of its locations that received onions from a Taylor Farms Colorado facility to dispose of them two days ago. “We are in the process of restocking them from other facilities,” according to a spokesperson.

The fast-food chain has not heard from health authorities and has not received any indications of illness, the Burger King spokesperson added.

The developments come two days after the federal health officials said an E. coli outbreak likely tied to onions used on McDonald’s Quarter Pounders had sickened at least 49 people in 10 states, killing one. McDonald’s removed the product from about a fifth of its 13,000 U.S. locations as federal and state health officials work to confirm the source of the bacteria. 

As most of those stricken reported eating McDonald’s Quarter Pounder burgers, investigators are working to figure out if slivered onions or beef patties are behind the outbreak. 

McDonald’s locations in Colorado, Kansas, Utah, Wyoming and parts of Idaho, Iowa, Missouri, Montana, Nebraska, Nevada, New Mexico and Oklahoma have temporarily stopped selling Quarter Pounders. 


Understanding how E. coli spreads after McDonald’s Quarter Pounder outbreak

04:31

McDonald’s identified California-based produce giant Taylor Farms as the supplier for the sliced onions the company removed.

Taylor Farms told CBS News Colorado Wednesday night it conducted tests on “raw and finished products” and “found no traces of E. coli.”

Still, Taylor Farms Colorado removed yellow onions from the market produced out of its Colorado facility, it said. 

Most of those stricken in the outbreak live in Colorado and Nebraska, with 26 sickened in the former and nine stricken in the latter, according to the U.S. Centers for Disease Control and Prevention. Of the 26 who became ill in Colorado, one older adult died, the CDC said. Health officials in Utah and Wyoming each reported four illnesses. Other states reporting illnesses include Iowa, Kansas, Missouri, Oregon and Wisconsin.  

At least 10 people have been hospitalized, including a child with hemolytic uremic syndrome (HUS), a serious condition that can cause kidney failure, according to the CDC.  The illnesses began at the end of September, and the most recent incident occurred October 11. 

It typically takes three to four weeks to determine if a sick person is part of an outbreak. Those infected with the toxin-producing E. coli experience severe stomach cramps, diarrhea and vomiting, and most recover without treatment after five to seven days.



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