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How to get out of debt on a low income
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.
CBS News
Hurricane Milton rips roof off Tropicana Field — Tampa Bay Rays stadium that was used as staging site for responders
Tropicana Field, the home of the Tampa Bay Rays, was badly damaged Wednesday night as Hurricane Milton slammed the region. Video posted by CBS affiliate WTSP showed that the fabric that serves as the domed building’s roof had been ripped to shreds, exposing the stadium lights.
St. Petersburg Fire Rescue confirmed that there were no injuries in the incident. It was not immediately clear how much damage there was inside the stadium.
Drone video posted on social media showed the roof completely ripped to shreds with debris all over the field.
Former Tampa Bay Buccaneers tight end Dave Moore also posted images of the damaged stadium on social media.
WTSP reported that Tropicana Field had been hosting thousands of linemen and National Guard members as they prepared to respond to damage from the storm. Photos from earlier this week showed rows of cots covering the baseball diamond.
Gov. Ron DeSantis’ press secretary, Jeremy Redfern, said in a social media post that the staging area had already been relocated before the roof was damaged.
CBS Sports, citing the Rays media guide, reported that Tropicana Field features the world’s largest cable-supported domed roof and is “built to withstand winds of up to 115 miles per hour.”
According to the National Weather Service, Albert Whitted Airport, which is located about six minutes away from Tropicana Field, recorded wind gusts up to 101 mph during the 10 p.m. hour.
The stadium, located in St. Petersburg, opened in 1990 and initially cost $138 million, according to The Associated Press. It was due to be replaced in time for the 2028 season with a $1.3 billion ballpark.
After making landfall in Florida with a Category 3 status, Hurricane Milton weakened to a Category 1 storm and was expected to weaken as it moves over the Atlantic Ocean.
CBS News
Rafael Nadal, 22-time Grand Slam champion, is retiring from tennis after next month’s Davis Cup finals
Rafael Nadal announced Thursday he will retire from tennis at age 38 following next month’s Davis Cup finals.
Nadal won 22 Grand Slam singles titles during an unprecedented era he shared with his rivals in the so-called Big Three, Roger Federer and Novak Djokovic.
“Really, everything I have experienced has been a dream come true,” Nadal said in an announcement on social media. “I leave with the absolute peace of mind of having given my best, of having made an effort in every way”
The Spaniard indicated his decision was related to persistent injury problems.
“The reality is that it has been some difficult years, these last two especially. I don’t think I have been able to play without limitations. It is obviously a difficult decision, one that has taken me some time to make. But in this life, everything has a beginning and an end,” Nadal said.
Nadal’s unrelenting, physical style of play – every point pursued as though it were his last, sprinting and sliding into place for that high-bouncing bullwhip of a lefty forehand – made him one of the greats of the game and the unquestioned King of Clay, the slow, red surface on which he claimed his record 14 French Open championships.
That’s more than anyone, man or woman, won at any one of the sport’s four major tournaments, a dominance celebrated by a statue of Nadal that stands near the main entrance to the grounds of Roland Garros and in the shadow of its main stadium, Court Philippe Chatrier.
Nadal added Thursday that he was excited to finish his career at the Davis Cup, which will be played in Malaga, Spain.
“I am very excited that my last tournament will be the final of the Davis Cup and representing my country,” he said. “I think I’ve come full circle since one of my first great joys as a professional tennis player was the Davis Cup final in Seville in 2004.”
Nadal has not played since the Paris Olympics, where he lost to old rival Djokovic in the second round of the singles tournament and reached the quarterfinals of the men’s doubles with Carlos Alcaraz.
“I think it is the appropriate time to put an end to a career that has been long and much more successful than I could have ever imagined,” he said.
In 2022, Nadal won his 14th French Open singles title at the age of 36. At the time, he told “CBS Mornings” he “couldn’t be happier” — despite playing through pain.
“Well, I’m used to it, first of all,” he told CBS. “At the end of the day, it’s about passion and about how much you love what you do. And doing it all my tennis career, I think I had the determination to keep going.
“It doesn’t matter the situation that brings me to the position that I am today, that is unexpected without a doubt because at the age of 36, I thought I would be doing other things, not playing tennis… But here I am, and I couldn’t be happier,” he said.
CBS News
Hurricane Milton’s impact on South Florida: Squally conditions, tornadoes, flight cancellations
MIAMI – Windy conditions continued in South Florida Wednesday evening as Hurricane Milton, a powerful Category 3 storm, made landfall on Florida’s west coast.
Milton was packing maximum sustained winds of 120 mph as it made landfall in Siesta Key near Sarasota. The storm is expected to bring life-threatening storm surge, destructive winds, flooding, and tornadoes as it moves across the state to the east coast.
South Florida experienced strong winds of 30 to 40 mph Wednesday, which are expected to continue through Thursday.
Milton’s impact on South Florida
Hurricane Milton spun at least two tornadoes in South Florida.
Earlier in the day, a tornado touched down along Alligator Alley in western Broward County near Collier County, though no damage was reported.
Another tornado touched down in the Wellington area of Palm Beach County, causing damage to some homes and bringing down trees.
All of South Florida had been under a tornado watch until 9 p.m. Wednesday. Several tornado warnings had also been issued for Broward County.
In recent days, South Florida has experienced a “one-two punch” of storms. A non-tropical low-pressure system brought heavy rain and flooding on Sunday and Monday, followed by Hurricane Milton’s approach on Wednesday, which was forecast to bring more rain and windy conditions through Thursday as the storm crosses the state.
The region remains under threat of flooding, with an expected rainfall of 4 to 7 inches or more.
Strong winds brought down a power line in Broward County near NE 28th Street in Wilton Manors.
Airports report delays and cancelations
Hurricane Milton continued to affect flights at South Florida airports on Wednesday.
Cancellations and delays were reported at Miami International Airport and at Fort Lauderdale-Hollywood International.
Nearly 2,000 flights within, into or out of the United States were canceled by Wednesday night, according to the tracking service FlightAware. That includes over 380 flights canceled at Tampa International Airport.
When will conditions improve?
“By late Thursday, things will begin to wind down,” said CBS News Miami chief meteorologist Ivan Cabrera. “Conditions will improve into Friday, and we’re looking forward to a quiet and tranquil pattern setting up for the weekend and into next week.”
On Friday, there will be a slight chance of showers and thunderstorms. It will be cloudy with a 20% chance of rain in the day and 20% at night, according to NWS.
North winds will be around 14 mph with gusts as high as 23 mph during the day, and north winds of 10 to 13 mph with gusts as high as 22 will be seen at night.
Highs are expected to be near 86 and lows around 75.
Dangerous storm surge forecast for Florida
Forecasters warned of dangerous storm surge.
“The deepest water will occur along the immediate coast near and to the south of the landfall location, where the surge will be accompanied by large and dangerous waves,” the hurricane center said.
“Rainfall amounts of 6 to 12 inches, with localized totals up to 18 inches, are expected across central to northern portions of the Florida Peninsula through Thursday,” the hurricane center said.
“This rainfall brings the risk of considerable flash, urban and areal flooding, along with the potential for moderate to major river flooding.”
Milton will also produce rainfall totals 2 to 4 inches across the Florida Keys through Thursday.