CBS News
Nigeria police say 15 school children were kidnapped, days after armed gunmen abducted nearly 300
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Armed men broke into a boarding school in northwestern Nigeria early Saturday and seized 15 children as they slept, police told The Associated Press, about 48 hours after nearly 300 students were taken hostage in the conflict-hit region.
School abductions are common in Nigeria’s northern region, especially since the 2014 kidnapping of more than 200 schoolgirls by Islamic extremists in Borno state’s Chibok village shocked the world. Armed gangs have since targeted schools for kidnap ransoms, resulting in at least 1,400 abducted since then.
HAIDAR UMAR via Getty Images
The gunmen in the latest attack invaded the Gidan Bakuso village of the Gada council area in Sokoto state at about 1 a.m. local time, police said. They headed to the Islamic school where they seized the children from their hostel before security forces could arrive, Sokoto police spokesman Ahmad Rufa’i told the AP.
One woman was also abducted from the village, Rufa’i said, adding that a police tactical squad was deployed to search for the students.
The inaccessible roads in the area, however, challenged the rescue operation, he said, adding: “It is a remote village (and) vehicles cannot go there; they (the police squad) had to use motorcycles to the village.”
Saturday’s attack was the third mass kidnapping in northern Nigeria since late last week, when more than 200 people, mostly women and children, were abducted by suspected extremists in Borno state. On Thursday, 287 students were also taken hostage from a government primary and secondary school in Kaduna state.
HAIDAR UMAR via Getty Images
The attacks highlight once again a security crisis that has plagued Africa’s most populous country. Kidnappings for ransoms have become lucrative across Nigeria’s northern region, where dozens of armed gangs operate.
No group claimed responsibility for any of the abductions. While Islamic extremists who are waging an insurgency in northeastern Nigeria are suspected of carrying out the kidnapping in Borno state, locals blamed the school kidnappings on herders who had been in conflict with their host communities before taking up arms.
Nigeria’s Vice President Kashim Shettima, meanwhile, met with authorities and some parents of the abducted students in Kaduna state on Saturday and assured them of efforts by security forces to find the children and rescue them.
CBS News
FBI releases new photos and details of Trump shooting probe, finding gunman had “mixture of ideologies”
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Washington — The FBI on Wednesday released four new photos from its investigation into the attempted assassination of former President Donald Trump at a Pennsylvania rally, as well as new information about what the bureau has learned about the shooter.
The FBI’s investigation into the shooting in Butler, Pennsylvania, on July 13 remains ongoing, and the bureau has still not identified a motive or evidence that the gunman, 20-year-old Thomas Matthew Crooks, worked with any others.
But Kevin Rojek, head of the FBI’s Pittsburgh field office, said investigators “believe [Crooks] ended in detailed attack planning.” Rojek said agents have determined Crooks had a “mixture of ideologies” and investigators continue to analyze his online presence.
The first photo made public by the FBI shows Crooks’ rifle, which was recovered from the shooting site. The firearm was as AR-style rifle made by DPMS Panther Arms and had an extendible rear stock and an optical sight attached to the rail, the FBI said.
FBI
The second photo from the FBI shows Crooks’ rifle broken-down and pictured alongside a backpack he was seen wearing at the site of Trump’s rally in Butler. FBI Director Chris Wray told House lawmakers last month that Crooks’ gun had a collapsible stock, which he said could explain why rally-attendees didn’t see him with it.
Wray said the first people at the rally who saw Crooks with a gun observed him when he was on the roof of the so-called AGR building, where he opened fire.
FBI
The third photo released by the FBI shows two improvised explosive devices that were discovered in the trunk of Crooks’ car.
The FBI said the receiver for remote detonation was in the “off” position, and the “devices had several problems in the way they were constructed.”
Wray testified before Congress that the FBI recovered a total of three “relatively crude” devices: two from Crooks’ vehicle and one from his residence. The gunman had a transmitted that would’ve allowed him to detonate the devices in his car remotely, but the receivers were turned off, he said.
FBI
The fourth and final photo from the FBI is an image of the air conditioning unit that Crooks’ used to gain access to the roof of the AGR building. The photo is not an evidence photo, but was take during a tour of the rally site in the days after the assassination attempt, according to the FBI.
FBI
CBS News
3 critical mortgage questions to ask before interest rates are cut
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Grace Cary/Getty Images
Interest rate cuts are finally in the works. With inflation down significantly from a four-decade high in June 2022, a cut to the federal funds rate appears imminent. Currently frozen at a range between 5.25% and 5.50%, the CME FedWatch tool now projects a 100% certainty that the Federal Reserve will cut the rate when they meet again in September. And possibly again in November and once more in December.
This is great news for homebuyers and current homeowners looking to refinance. While the federal funds rate doesn’t directly mirror what lenders offer on mortgage rates, they do tend to mimic one another. So a reduction in the first will inevitably lead to lower mortgage interest rates (they’re already down almost a full point from where they were at the end of 2023).
But a changing rate climate will pose new challenges in addition to new opportunities, both of which buyers should prepare for right now. And they can do so by gathering the answers to select questions in advance. Below, we’ll list three of the critical questions homebuyers should start thinking about right now.
See how low of a mortgage interest rate you could secure here now.
3 critical mortgage questions to ask before interest rates are cut
Are you considering a home purchase in today’s evolving rate climate? Then it could be beneficial to have the answers to the following critical questions:
How much will rates be cut by?
Mortgage interest rate cuts will be welcome no matter the degree but it’s critical to understand how much rates will be cut by. Many lenders have likely already “priced in” presumed interest rate cuts to come in September, so even if the Fed issues a 25 basis point cut after their meeting on September 18, mortgage rates are unlikely to fall much further from where they are now (an average around 6.50% for a 30-year loan).
The real savings, however, could come in the following months if the Fed both continues to cut rates and, potentially, does so by bigger margins. A 50 basis point cut in November, for example, combined with an earlier 25 basis point reduction could result in substantial savings for those buyers who wait. But is it worth waiting?
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Is it worth waiting for rates to fall?
While you could potentially save a few hundred dollars on a mortgage if you wait a few months (depending on the price, rate and down payment), it’s not as clear a choice as it may seem on paper. Waiting poses its own set of complications, not least of which can be increased competition as more buyers enter the market once rates have fallen.
Seeing this spike in buyer competition, then, sellers could theoretically raise home prices to take advantage, easily wiping out any savings buyers secure with a slightly lower rate than currently available. So it’s important to weigh the ramifications of waiting versus acting now to determine if delayed action really is as beneficial as it seems at first glance.
Will rates go down to what they were?
Mortgage interest rates surged in recent years thanks to a series of consistent rate hikes courtesy of the Federal Reserve. But they’re not expected to drop as quickly as they rose from 2022 to 2024. And it would be difficult to find an economist or expert who expects mortgage interest rates to fall back to the level they were at in 2020 or 2021 when the economy was reeling from the pandemic. Those were an anomaly and, upon closer inspection, today’s rates are more in line with historic norms. So if you were planning on waiting for rates to fall to the 2% to 3% range from recent years, you may be waiting for a very long time.
The bottom line
Homebuyers should be happy that mortgage interest rates are falling again but they should also be smart and strategic in their approach to an evolving market. This extends to having the answers – or, at a minimum, contemplating the answers – to the above questions. By thinking of these intangibles now, buyers will be better prepared to act when an opportunity arises later this year or in 2025.
CBS News
Debt forgiveness vs. debt management: Which is better for high credit card debt?
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The tough economic landscape over the last few years has resulted in a concerning trend: an uptick in credit card debt nationwide. The total amount of credit card debt in the U.S. is now $1.14 trillion — a record high — with the average cardholder owing nearly $8,000. And while various factors have contributed to the rise in credit card debt, the ongoing issues with inflation have almost certainly played a role.
With the cost of consumer goods rising, more people have had to turn to credit cards to fill in the gaps in their budgets. But while that can make it easier to cover your expenses or manage cash flow, it can quickly spiral into a long-term financial burden. After all, the average credit card rate is currently hovering around 23%, so the compounding effect of interest on your outstanding balances can be particularly devastating.
As interest charges pile up, you may find that the minimum payments on your card barely impact the balance. If this happens, it makes sense to explore alternative strategies for dealing with your credit card debt, like credit card debt forgiveness (also known as debt settlement) and debt management. But which approach is more effective for those struggling with high credit card balances?
Don’t let your credit card debt issues compound. Compare the best debt relief options available to you here.
Debt forgiveness vs. debt management: Which is better for high credit card debt?
If you have high credit card debt, here’s what you should know about both of these debt relief options:
When credit card debt forgiveness is better
Credit card debt forgiveness is a strategy in which you (or a debt relief company acting on your behalf) negotiate with your creditors to try and get them to accept a lump sum payment that is less than the full amount owed. If successful, the remainder of the card balance is forgiven.
While it varies, the average successful debt settlement typically ends with between 30% to 50% of the original debt amount being forgiven. In other words, if you owe $20,000 in credit card debt, you might be able to settle for between $10,000 and $14,000 with the rest of the balance written off by the credit card company.
Given the potential to have a substantial portion of debt forgiven, this approach may be particularly appealing for those who are struggling with severe financial hardship. A debt forgiveness program can also typically be completed in two to four years, so opting for this over traditional strategies could expedite the repayment process.
That said, there are downsides. Debt settlement typically requires you to stop making payments temporarily, which can severely damage your credit score. Any forgiven debt may be considered taxable income by the IRS, and debt settlement companies often charge significant fees (typically between 15% to 25% of the total enrolled debt) for their services.
But even with the potential downsides, debt forgiveness may be the better option if:
- You’re facing severe financial hardship with no foreseeable way to repay your debts in full.
- Your debt-to-income ratio is extremely high (typically over 50%).
- You’re willing to accept a significant hit to your credit score in exchange for potential debt reduction.
- You’ve exhausted other options and are considering bankruptcy.
Find out how debt forgiveness could help you get rid of your high-rate card debt now.
When credit card debt management is better
Debt management programs, typically offered by credit counseling agencies, involve working with your creditors to lower your credit card interest rates or fees and create a structured repayment plan. This approach aims to make debt repayment more manageable without seeking forgiveness of the principal amount owed.
The main advantage of enrolling in a debt management program is that it often results in reduced interest charges, which can make your card debt more affordable. Enrolling in a debt management plan also generally has a less severe impact on your credit. While participation in the program may be noted on your credit reports, you will continue making regular payments, which can help maintain or even improve your credit score over time.
But as with debt forgiveness, there are downsides to consider, like a longer repayment period, as debt management plans typically take three to five years to complete. Unlike debt settlement, you’re also responsible for repaying the full principal amount — and there may also be fees tied to these programs, though they’re typically lower than the fees you’d pay for the alternatives.
In general, debt management might be more suitable if:
- You have a steady income but are struggling with high interest rates.
- You’re committed to repaying your debts in full but need more favorable terms.
- Maintaining or improving your credit score is a priority.
- You’re looking for a structured approach to debt repayment with professional guidance.
The bottom line
If you’re carrying a hefty amount of credit card debt, the “better” choice between debt forgiveness and debt management is ultimately the one that aligns most closely with your financial circumstances and goals. For some, the potential for significant debt reduction through forgiveness outweighs the credit score impact. For others, the structured approach of debt management provides a more sustainable path to financial health. But whether you choose debt forgiveness, debt management or another approach, taking action and committing to a plan is key to regaining control of your financial future.