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5 questions to ask if you’re in serious credit card debt
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Carrying a credit card balance from month to month can lead to big financial issues in nearly any economic environment, as the high interest rates tied to these cards can lead even the smallest debts to spiral out of control. But in today’s high-rate environment, any credit card debt you’ve accrued — or are continuing to accrue — can be an even riskier proposition.
One issue is that the average credit card rate is currently 21.59%, so if your card rates are close to that average (or surpass it), any credit card balance that you’re unable to pay off in full will grow due to hefty interest charges. And, those high credit card payments could be hard to keep up with in today’s economic environment, as other pressures, like persistent inflation, are causing budgets to be stretched thin.
In turn, it’s easy to find yourself in over your head with your credit card debt right now. But if you’re feeling overwhelmed and are unsure of how to regain your financial footing, it can help to take a step back and assess your situation objectively. And, that starts by asking yourself a few key questions to develop a clear understanding of your credit card debt and how to tackle it.
Find out more about tackling your overwhelming credit card debt.
5 questions to ask if you’re in serious credit card debt
If you are looking for ways to address an issue with serious credit card debt, start by asking yourself the following questions:
Can I work with my credit card companies on a solution?
Many credit card issuers are willing to work with customers who are struggling to make payments on their debts, so it may be worth discussing your situation with your credit card issuers to find potential solutions. Start by reaching out to your card issuers and inquire about whether it’s possible to lower the interest rates and waive fees tied to your cards.
You may also want to inquire about any credit card hardship programs that are available to you. These programs are geared toward cardholders who are facing temporary financial hardships, like a job loss or medical issue, and need some temporary relief from their high card payments and they can result in temporarily lower payment amounts, lower interest rates or other concessions.
Should I consider debt consolidation?
You may also want to ask yourself whether debt consolidation makes sense. When you pursue debt consolidation, you combine multiple debts into a single loan, typically with a lower interest rate. This allows you to simplify your payments and potentially save a significant amount of money on interest charges.
There are a couple of options to weigh in terms of debt consolidation, too. One is a traditional debt consolidation loan, which is a loan borrowed from a bank, credit union or another financial institution, that is used to pay off multiple debts at once. The other is to take out a debt consolidation loan through a debt relief agency’s lender partner.
Both options generally require you to have good credit, but obtaining a debt consolidation loan through a debt relief company could be easier if you have a few negative marks on your credit report. After all, these companies regularly work with people facing serious debt issues, so they may be more flexible in terms of lending requirements than a traditional financial institution would be.
Should I try to settle my credit card debt?
It can also make sense to ask yourself whether credit card debt settlement is the right path to pursue. With this option, the goal is to get your lenders to accept a lump-sum payment for less than the full balance, which can provide a lot of relief to those with overwhelming amounts of credit card debt. And, while there’s no guarantee that a lump-sum payment will suffice as a settlement, many lenders will consider it if you’re significantly behind on payments.
But while debt settlement could make sense, it’s important to understand the potential repercussions before pursuing it. For starters, there may be a significant negative impact on your credit score between the late payments and the settled debts being reported as “settled for less than the full balance” on your credit report. There are also potential tax implications, as forgiven debt may be considered taxable income, and if you work with a debt relief company, there are typically fees tied to any successful debt negotiations.
Could bankruptcy be an option?
Bankruptcy should generally be considered a last resort, as it has significant long-term consequences on your finances (and your credit). But in some cases, especially those where the overwhelming debt is impossible to tackle on your own, it may be a necessary step to regain financial stability.
So, ask yourself if bankruptcy is the right option to pursue. If you determine that it is, or if you’re unclear as to the answer, you may want to consult with a bankruptcy attorney before filing any paperwork. That way, you can ensure that you fully understand the potential consequences and know without a doubt that this option is the most appropriate for your situation.
How can I avoid this issue in the future?
You should also ask yourself what you need to do to avoid a repeat issue in the future. And, in many cases, that starts with taking steps to improve your financial literacy. Read books, attend workshops or take online courses about budgeting, saving and investing. The more you understand about managing money, the better equipped you’ll be to avoid future debt and build long-term financial stability.
The bottom line
By asking yourself the questions above and honestly evaluating your answers, you can gain a clearer understanding of your credit card debt situation and develop a comprehensive plan to address it. Remember, getting out of debt is a process that requires patience, discipline and persistence. But with the right approach and mindset, you can overcome your credit card debt and ensure that you’re taking the right steps toward a secure financial future.
CBS News
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
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The Minnesota Vikings will take on the Chicago Bears today. The Vikings are currently 8-2, an impressive run so far this season, and will be looking to add a fourth win to their current streak after last Sunday’s 23-13 win against the Tennessee Titans. The Bears, on the other hand, are entering this game on the heels of a four-game losing streak after a tough 20-19 loss against the Green Bay Packers last Sunday.
Here’s how and when you can watch the Vikings vs. Bears game today, whether or not you have cable.
How and when to watch the Minnesota Vikings vs. Chicago Bears
The Vikings vs. Bears game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Minnesota Vikings vs. Chicago Bears game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Fubo offers you an easy, user-friendly way to watch NFL games on CBS, Fox, NBC, ABC, ESPN, and NFL Network, plus NCAA football channels. The Pro tier includes 200+ channels and unlimited DVR, while the Elite with Sports Plus tier adds NFL RedZone and 4K resolution. New subscribers get a seven-day free trial and all plans allow streaming on up to 10 screens simultaneously.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
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How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
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The Detroit Lions will face off against the Indianapolis Colts today. The Lions enter this game as top contenders with a near-perfect record of 9-1 so far this season. The Colts, who are 5-6 this season, could have a tough game on their hands against the Lions but will be looking to rack up another win after prevailing over the New York Jets in a tight game last Sunday.
Here’s how and when you can watch the Colts vs. Lions game today, whether or not you have cable.
Here’s how and when to watch the Detroit Lions vs. Indianapolis Colts
The Lions vs. Colts game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (11:00 a.m. PT). The game will air on Fox and stream on Fubo and the platforms featured below.
How and when to watch the Detroit Lions vs. Indianapolis Colts game without cable
You can watch this week’s NFL game on Fox via several streaming services. All you need is an internet connection and one of the top options outlined below.
Experience NFL action like never before with Fubo’s comprehensive sports streaming platform. From Sunday showdowns to primetime matchups, catch every NFL game across major networks including CBS, Fox, NBC, ABC, ESPN and NFL Network. Choose the Pro package to unlock 200+ channels and limitless DVR storage, or elevate your game-day experience with the Elite with Sports Plus package, featuring NFL RedZone’s commercial-free scoring highlights and stunning 4K quality.
Test drive the service with a no-commitment seven-day free trial, and share the excitement with family and friends — Fubo supports simultaneous streaming on up to 10 devices, so everyone can watch their favorite teams.
You can watch today’s game with a subscription to Sling’s Orange + Blue tier, which includes ESPN, ABC, NBC, and Fox. The plan offers 46 channels with local NFL games, nationally broadcast games, and 50 hours of DVR storage. For complete NFL coverage, add Paramount+ to get CBS games, or upgrade with the Sports Extra add-on for additional sports channels like Golf Channel, NBA TV and NFL RedZone.
Watching NFL games, including Fox broadcasts, is simple with Hulu + Live TV, which includes 90 channels, unlimited DVR storage, and access to NFL preseason games, live regular season games and studio shows. The service includes ESPN+ and Disney+ in the subscription.
Want to watch today’s game live on your smartphone? If so, NFL+ streaming service is the solution you’re looking for. It lets you watch NFL Network and out-of-market games on mobile devices, with an upgrade option to NFL+ Premium that includes NFL RedZone for watching up to eight games simultaneously. Note that NFL+ only works on phones and tablets, not TVs.
CBS News
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
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The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.
Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the New England Patriots vs. Miami Dolphins game today
The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.
How and when to watch the New England Patriots vs. Miami Dolphins game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Patriots-Dolphins game on Amazon Prime Video.
Fubo: Watch the Patriots-Dolphins game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more