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3 ways today’s high rates impact your debt payoff plan

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Higher rates can have a significant impact on your plan to pay off your debt. Here’s how. 

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There’s no question that you’ve heard about today’s high interest rates, and if you have any revolving debt, you’ve probably noticed that your minimum payments have gone up over the past couple of years as a result. 

Although some experts expect interest rates to start falling this year, they’re not expecting much of a decline. That’s bad news if you owe debt on credit cards or personal loans. Today’s high interest rates can be a hindrance to your ability to pay these variable-rate loans off. But how exactly do high interest rates impact your debt payoff plan?

Don’t deal with higher rates any longer. Get the debt relief you deserve now

3 ways today’s high rates impact your debt payoff plan

At first glance, it may seem like high interest rates only make your minimum payments higher. Unfortunately, higher minimum payments aren’t the only impact today’s high rates have. So, how exactly do high interest rates impact your payoff plan?

It can take longer to pay off your debts 

“Today’s higher interest rates mean it will take you longer to pay off your debt,” says Dan Casey, investment advisor and founder of Bridgeriver Advisors. 

How much longer will your debts take to pay off? That depends on how your interest rates have changed, your current balance, and the size of the payments you make. 

Let’s say you owe $10,000 that increased in interest from 18% to 24%. Assuming your lender calculates minimum payments as 1% of the balance plus interest, it would take you about 28 years to pay your debt off at 18% interest. 

However, at 24% interest, it would take you an additional year to pay your debt off making only minimum payments. 

Let a debt relief expert help you get out of debt faster today

Your debts may cost you more money

High interest rates also mean your debts cost you more money than they would at lower rates. Sticking with the same $10,000 example, you would make $14,423.16 in interest payments over the life of your debt at 18% interest if you made only minimum payments. 

However, at 24%, your total interest payments would skyrocket to $19,332.21 over the life of your debt. That’s nearly $5,000 additional dollars spent on interest. 

You may not be able to send much more than minimum payments

As a responsible borrower, there’s a high likelihood that you do your best to make more than minimum payments when possible. In doing so, you could cut the cost and the time it takes you to pay your debt off. On the other hand, in a high interest rate environment, it can be difficult to make more than minimum payments because minimum payments usually follow interest rates up. 

For example, considering the $10,000 debt mentioned above, your minimum payment would be $250 at 18% interest. But at 24% interest, your minimum payment would climb to $300 (assuming your credit card company calculates your minimum payments as 1% of the balance plus interest). That’s 50 fewer extra dollars you’ll be able to pay to eliminate your debt faster. 

Tap into the debt relief you deserve

If high interest rates are making it difficult for you to make a dent in your credit card and other revolving debt, it’s time to make a change. Consider taking advantage of a debt relief service. 

Debt relief companies typically help in one of three ways: 

  • Debt consolidation loan: If you’re a well-qualified borrower, you may be able to take out a personal loan that’s designed to consolidate multiple debts into one easy-to-manage account. These loans usually come with competitive interest rates and fixed payment plans – helping you get out of debt faster. 
  • Debt consolidation plan: Debt consolidation experts work with your lenders to negotiate a lower interest rate and better payment terms on your behalf. Once they’ve done so, you make your payments to the debt consolidation company and the company pays your individual creditors as agreed until your debt is paid off. 
  • Debt settlement: You’ll stop making payments to your creditors when you sign up for debt settlement. Instead, you’ll make payments to the debt settlement company. The company usually stores these payments in a special-purpose savings account until you have enough money saved to start settling your debts. Once you have enough money saved, the settlement company negotiates with your lenders to reduce your principal balance. Although this can lead to significant savings, it can also be detrimental to your credit. So, consider the pros and cons before you sign up for a debt settlement service. 

The bottom line

Today’s high interest rates make it more difficult to pay off debt. Not only does debt typically cost more in a high interest rate environment, higher rates can prolong the payoff process. But, there are multiple ways to get out of debt faster. Get in touch with a debt relief professional now to learn more about your options



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Doomsday cult leader Paul Mackenzie goes on trial after deaths of over 400 followers in Kenya

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The leader of a doomsday cult in Kenya went on trial on Monday on charges of terrorism over the deaths of more than 400 of his followers in a macabre case that shocked the world.

Self-proclaimed pastor Paul Nthenge Mackenzie appeared in a packed courtroom in the Indian Ocean port city of Mombasa along with 94 co-defendants.

Principle magistrate Leah Juma ordered the removal of journalists from the court shortly after the start of the hearing to enable a protected witness to take the stand on camera.

Mackenzie, who was arrested in April last year, is alleged to have incited his acolytes to starve to death in order to “meet Jesus” in one of the world’s worst cult-related massacres.

The father of seven and his co-accused pleaded not guilty to the charges of terrorism at a hearing in January.

The 55 men and 40 women also face charges of murder, manslaughter, as well as child torture and cruelty in separate cases.

The remains of more than 440 people have been unearthed so far in a remote wilderness inland from the Indian Ocean coastal town of Malindi, in a case that has been dubbed the “Shakahola forest massacre.”

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Mortuary personnel pull a cart with the remains of a victim of a Kenyan starvation cult at the Malindi Sub-County Hospital Mortuary in Malindi on March 26, 2024. 

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Autopsies have found that while starvation appeared to be the main cause of death, some of the victims — including children — were strangled, beaten, or suffocated. In February, Mackenzie pleaded not guilty to the murder of 191 children whose bodies were found in mass graves. 

Previous court documents also said that some of the bodies had had their organs removed.

“Worst breach of security in the history of our country”

Prosecutors said in a statement that they planned to call about 90 witnesses to testify as well as show physical and digital evidence.

“The prosecution will present evidence to illustrate that the accused did not function merely as a fringe group, but rather as a well-organized criminal enterprise operating under the guise of a church under the leadership of (Mackenzie),” the statement said.

Mackenzie, a former taxi driver, turned himself in after police first entered Shakahola forest in April last year and found the bodies of four people and several other starving people.

The police action came after a relative of one of the victims received a tip-off from a former member of Mackenzie’s Good News International Church about grisly happenings in Shakahola forest.

Family members have said Mackenzie told his followers to join him in the Shakahola forest, where he offered them parcels of land for less than $100. Court documents allege that in early 2023, Mackenzie told his followers in the forest that the end of the world was coming and they must prepare through extreme hunger.

He allegedly split members into smaller groups assigned biblical names. It’s believed these smaller groups died together and were buried together in mass graves.

Paul Mackenzie, right, leader of an alleged starvation cult accused of convincing hundreds of followers to starve themselves to death, including children, is seen at the Shanzu Court in Mombasa, Kenya, Aug. 10, 2023.
Paul Mackenzie, right, leader of an alleged starvation cult accused of convincing hundreds of followers to starve themselves to death, including children, is seen at the Shanzu Court in Mombasa, Kenya, Aug. 10, 2023.

Andrew Kasuku/Anadolu Agency via Getty Images


Mackenzie had set up the church in 2003, but closed it in 2019 and moved to the sleepy town of Shakahola.

In March this year, the authorities began releasing some victims’ bodies to distraught relatives after months of painstaking work to identify them using DNA.

Questions have been raised about how Mackenzie, a self-styled pastor with a history of extremism, managed to evade law enforcement despite his prominent profile and previous legal cases.

Several surviving members of the group have told family members that what he preached would often come true, citing as an example his prediction that “a great virus” would come, just before COVID-19 hit the country. As people struggled during the pandemic, financially and medically, Mackenzie preached about leaving the difficulties of life behind and “turning to salvation.”

Interior Minister Kithure Kindiki last year accused Kenyan police of laxity in investigating the initial reports of starvation.

“The Shakahola massacre is the worst breach of security in the history of our country,” he told a senate committee hearing, vowing to “relentlessly push for legal reforms to tame rogue preachers.”

Reports by the Kenyan senate and a state-funded human rights watchdog have said the authorities could have prevented the deaths.

The Kenya National Commission on Human Rights (KNCHR) in March criticized security officers in Malindi for “gross abdication of duty and negligence.”

The horrific saga has seen President William Ruto vow to intervene in Kenya’s homegrown religious movements.

“What we are seeing … is akin to terrorism,” Ruto said last year. “Mr. Makenzi … pretends and postures as a pastor when in fact he is a terrible criminal.”

In largely Christian Kenya, it has also thrown a spotlight on failed efforts to regulate unscrupulous churches and cults that have dabbled in criminality.

In 2022, the body of a British woman who died at the house of a different cult leader while on holiday in Kenya was exhumed, according to the family’s lawyer. Luftunisa Kwandwalla, 44, was visiting the coastal city of Mombasa when she died in August 2020 and was buried a day later, but her family has claimed foul play.

Sarah Carter contributed to this report.



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Professional diver Paul De Gelder talks about visiting sites of shark attacks for “Shark Week”

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Professional diver Paul De Gelder talks about visiting sites of shark attacks for “Shark Week” – CBS News


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Professional diver Paul De Gelder started advocating for shark conservation after he was attacked by a bull shark in 2009 in Sydney, Australia. For this year’s “Shark Week” on the Discovery Channel, he traveled to the scenes of shark bites, including his own.

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Tulane students build tiny home for man who has been homeless for nearly two decades

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Tulane students build tiny home for man who has been homeless for nearly two decades – CBS News


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Architecture students at Tulane University designed, created and built a permanent home for a man who hasn’t had one for nearly two decades. The students worked on the project for 10 months as part of their final assignment for the UrbanBuild program at Tulane.

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