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Make these 7 moves now to get your credit card debt under control
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Whether you’re planning to take out a mortgage loan on a home, using a personal loan for debt consolidation or buying a car with an auto loan, chances are that you’ll be paying a lot more to borrow money than you would have just a few years ago. After all, the Federal Reserve has kept rates elevated at a 23-year high over its last several meetings to continue to chip away at the issues caused by high and persistent inflation.
And, while rates are high across the board, they’re very high for one borrowing tool in particular right now: credit cards. As of late June, the average credit card rate was closing in on 22% — and depending on your borrower profile, credit score and other factors, you may have cards with rates that are much higher than the average. It’s not unheard of for borrowers with low credit scores or high debt-to-income ratios to be offered credit cards with rates closer to 30%, for example.
But even if your credit card rates are on the lower end, this type of debt can compound quickly if you aren’t paying it off in full, meaning that any balance you carry from month to month is at risk of spiraling out of control, leaving you financially stressed. The good news is, though, that by taking decisive action and implementing smart strategies, you can regain control of your credit card debt and work toward becoming debt-free.
Discover the top debt relief options available to you here.
7 moves to make to get your credit card debt under control
Here are the key moves you should make now to tackle your credit card debt:
Take stock of your debt
The first step in conquering credit card debt is to get a clear picture of what you owe. Gather all your credit card statements and make a list of the following:
- Each card’s balance
- The associated interest rates
- Minimum payment requirements for each card
- Due dates for each payment
Having this overview on hand will help you understand the full scope of your debt and prioritize your payoff strategy.
Explore the debt relief programs offered by today’s top debt relief companies.
Stop using your credit card
To prevent your credit card debt from growing further, stop using your credit cards for new purchases. Switch to cash or a debit card for daily expenses — even if it’s a less convenient way to pay. This “cash diet” can help you become more aware of your spending habits and help you immediately avoid adding to your existing debt.
Create a realistic budget
Develop a comprehensive budget that accounts for all your income and expenses. Look for areas where you can cut back on spending to free up more money for your credit card debt repayment. And, be honest with yourself about what expenses are truly necessary and where you can make sacrifices now to achieve long-term financial health.
Negotiate with your credit card companies
Many people don’t realize that credit card terms are often negotiable, especially if you’re having trouble making your payments due to a job loss, medical issue or another type of temporary hardship. If you’re facing a similar situation, it may help to contact your credit card issuers and ask about lowering your interest rates, waiving annual fees or enrolling in a hardship program. After all, even a small reduction in interest rates can save you significant money over time and help you pay off your debt faster.
Consider balance transfer options
If you have good credit, you may qualify for a balance transfer credit card with a 0% introductory APR period. Transferring your high-interest credit card balances to the right balance transfer card can offer you a temporary reprieve from accruing interest, allowing more of your payments to go toward the principal.
If you take this route, though, be sure to factor in balance transfer fees, which can add to the cost of your credit card debt. And, be sure to have a plan to pay off the balance before the promotional period ends. Otherwise, you’ll just end up paying hefty interest on the balance moved to the new credit card account instead.
Seek help from a debt relief expert
If you’re feeling overwhelmed or struggling to make progress on your own, don’t hesitate to seek professional help. There are both non-profit credit counseling agencies and debt relief companies that can provide personalized advice — and you may need to talk to a couple of experts before deciding what’s right for you. For example, a credit counselor from a reputable debt relief company may be able to help decide whether a credit card debt forgiveness program, a debt consolidation program or a debt management program is the best option for your situation.
Explore other debt consolidation alternatives
You don’t have to work with a debt relief agency to consolidate your debts. While many debt relief agencies offer credit card debt consolidation programs with loans issued by their lender partners, there are multiple routes to consolidate your credit card debts into a single loan with a lower interest rate. And, doing so can simplify your repayment process and potentially save you money. Your other options include:
Each debt consolidation loan option differs, so be sure to carefully compare terms and fees before choosing a consolidation option.
The bottom line
Getting your credit card debt under control typically requires commitment, discipline and a solid plan. By implementing these key moves, you can take charge of your financial future and work towards a debt-free life. And remember, every step you take, no matter how small, brings you closer to your goal of financial freedom. So stay focused, be patient with yourself and celebrate your progress along the way.
The Biden administration will provide Ukraine with controversial anti-personnel mines in its war against Russia, a U.S. official confirmed to CBS News Tuesday night.
Anti-personnel mines, or APLs, are designed to be used against people, not vehicles. They can be rapidly deployed and are meant to blunt the advances of ground forces, making them useful for Ukraine’s defense against Russia’s advances in Eastern Ukraine, the official said.
The U.S. sought commitments from the Ukrainians on their use to further limit the risk to civilians, the official said, noting that Ukrainians are committed to not employing the mines in areas populated with their own civilians.
The U.S.-provided APLs are different than the thousands of landmines being employed by Russia in eastern Ukraine in that they are “non-persistent,” meaning they become inert over a preset period of time, usually between four hours and two weeks, the official said. They are electrically fused and require battery power to detonate. Once the battery runs out, they will not detonate.
Tuesday marked 1,000 days since Russia’s invasion of Ukraine. CBS News learned Sunday that President Biden had lifted restrictions on Ukraine’s use of U.S. weapons to conduct strikes deep inside Russia.
U.S.-supplied ATACMS were used Tuesday on targets inside Russia, U.S. officials confirmed to CBS News.
Ukraine has been one of the most mined countries in the world since Russia’s invasion in 2022, and Ukraine is inundated with APLs. They are known by deceptively innocent names such as “butterfly” or “petal” mines because they scatter like flower petals when they drop from the sky.
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“Typically, several hundred of these at a time will just be liberally and indiscriminately spread across the territory,” Pete Smith, the Ukraine program manager for the HALO Trust, a nonprofit organization focused on ridding warzones of landmines, told “60 Minutes” in August. “They can rest on the roofs. They can sit in guttering. They can take years before they come back into society and into view.”
To date, 164 nations, including Ukraine, have signed onto the Mine Ban Treaty which prohibits the use of APLs. However, three dozen countries have not agreed to it, including Russia and the U.S.
In January 2020, then-President Donald Trump reversed an Obama-era policy which banned the use of APLs anywhere except on the Korean Peninsula. However, in June 2022, Mr. Biden reinstated the ban, except for APLs “required for the defense of the Republic of Korea.”
contributed to this report.
ORION TOWNSHIP, Mich. (CBS DETROIT) – At least two people were injured after a possible gas explosion and ensuing fire destroyed a condominium building Tuesday evening in Orion Township, Michigan, officials said. Another two people remain unaccounted for.
According to the Oakland County Sheriff’s Office, the explosion was reported at about 6:30 p.m. local time in the Keatington New Town Association condominium complex on Waldon Road, between Joslyn and Baldwin roads.
Orion Township Fire Chief Ryan Allen says the explosion destroyed a four-unit building, causing significant damage to one building and minimal damage to a few others. Allen says crews worked with utility providers DTE and Consumers Energy to control a gas leak.
Photo submitted by Orion Township resident
Allen says the two people hospitalized, a 72-year-old man and a 75-year-old woman, suffered critical injuries. Their current condition is unknown. An unknown number of others suffered minor injuries, he added.
Allen said crews were working to make contact with two people who are unaccounted for.
The sheriff’s office said no fatalities have so far been reported.
“Preliminary indications are it was a gas explosion but the exact cause has not been determined,” the sheriff’s office said in a statement.
Orion Township is located just north of Detroit.
One resident who lives nearby told CBS News Detroit he was home with family when the explosion happened.
“We just heard this big boom [It] shuck my entire house. I look out the window, I see flares, I see fire just popping through the sky,” the resident said. “It felt like it was going to take a wall down. It felt like it happened at my house. I was terrified. It was so strong.”
Consumers Energy said in a statement that because firefighters were still battling the blaze, it did “not have additional information about the cause of the explosion or about the status of anyone in the building.”
The company said its crews will get on site once they are given the greenlight that it is safe to do so.
CBS News
Comedian Katt Williams often brags about passing Marine boot camp. The Marines say they have no record of it.
Los Angeles — Katt Williams, the Emmy-winning actor and renowned stand-up comedian, for years has claimed to have joined the U.S. Marine Corps as a teenager and successfully navigated the rigorous training only to be drummed out of the military when his superiors discovered he was a minor. The Marines told CBS News they have no record of him.
Dating back to at least 2016, Williams has claimed association with the U.S. Marine Corps when talking about his personal biography in video blogs, in his stand-up routines and in interviews viewed and heard by tens of millions of people. His claims of military service seem to not be attached to any of his critically acclaimed jokes or characters he has created for stage and screen but instead, a part of his journey towards comedy.
The U.S. Marine Corps tells CBS News there’s no record of Williams ever entering military service or attending any Marine Corps recruit training camps.
Multiple emails and phone calls were sent to Williams’ publicist, Amy Sisoyev, and his representatives at Creative Artists Agency, but no reply was returned for almost two weeks.
Earlier this year, Williams sat down for a nearly 3-hour interview with ESPN’s “First Take” correspondent Shannon Sharpe on his podcast, “Club Shay Shay.” The interview has racked up more than 83 million views on YouTube as of publication and is the most watched interview in YouTube’s history.
Sharpe, a former Denver Bronco and ex-NFL analyst for CBS Sports, asked Williams about being raised in Florida.
“I try to join the Marine Corps and they won’t accept me because I’m too young, and I’ve lied and told them I’m 16 and my family is moving down and I don’t have my ID but it’s coming. And so they [the Marines] let me go to the boot camp,” said Williams.
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Similarly, on comedian Marc Maron’s podcast last year, Williams said, “And then I attempt to join the Marine Corps, and I go off to boot camp and I pass, and then they reveal that I’m too young, and they give me a little ceremony because I did pass, you know, oo-Rah.”
He added: “I wasn’t even 16. I wasn’t even 16. I was already — I had miscalculated it wrong. I thought that you know, by the time I got back I would be good, but I hadn’t turned 16 by the time boot camp was over.”
Maron, whose “WTF” podcast garners more than 55 million listens per year, asked Williams if he got through boot camp and about his ceremony.
Williams reaffirmed that he passed boot camp, saying, “When you come back everybody gets the ceremony and I was supposed to have been, probably put in the brig or court-martialed or something, but they didn’t treat me like that. … As far as the Marine Corps thing, whatever those commercials were selling, you remember those commercials back in that time … if you wanted to join a gang, the Marines was the gang to join.”
On Saturday, CBS News attended the Vulture Festival in Los Angeles where Williams was interviewed about his life and career by Jesse David Fox, a Vulture writer and host of “Good One: The Podcast About Jokes.” Williams is set to launch his multistate “Heaven on Earth” tour next year.
While Williams did not discuss his alleged short stint in the Marines, the comedian said “Thank God I tell the truth” when asked by Fox about his past statements in interviews.
CBS News filed a Freedom of Information Act request for records pertaining to Williams’ alleged enlistment in the Marine Corps.
Marine Corps officials searched for records pertaining to Williams using his full name — Micah Sierra Williams — and other identifying information such as his date of birth and social security number. Officials told CBS News that their database of official military personnel files dates back to the 1960s, housed at the National Personnel Records Center of the National Archives.
“We searched the files maintained by the Manpower Management Performance Branch but were unable to identify Mr. Williams as a member or former member of the U.S. Marine Corps,” wrote an official in response to CBS News’ public records request.
Marine Corps officials told CBS News that if Williams’ story was accurate, there would be records showing his entry into military service, his graduation and discharge, even if he fraudulently enlisted as a minor.
Army veteran Anthony Anderson, who runs “Guardians of Valor,” a popular social media website that investigates service member records, told CBS News that Williams’ claims are a “slap in the face of people who have earned the title of Marine.”
“Boot camp for the Marine Corps is not an easy task. To call yourself a Marine, you have to go through at least 13 weeks of boot camp and successfully navigate the crucible … people have died in training at boot camp trying to earn the title of Marine,” said Anderson.
While it’s unclear when exactly Williams began to claim he graduated from Marine boot camp, the earliest examples CBS News could find stemmed from Williams’ 2016 feud with actor and comedian Kevin Hart.
In a video that appears to have been recorded by Williams, addressing drug abuse allegations, the comedian says, “Ever since I got out of the Marine Corps, I can only breathe out of one nostril.”
That same year, Williams was arrested and charged with disorderly conduct and battery charges after a fight at an apartment complex in Gainesville, Georgia, with a 17-year-old high school wrestler who was also charged, according to previous news reports. Williams pleaded not guilty and the case lingered on until earlier this year when local prosecutors decided to drop the case against Williams.
Soon after his arrest Williams spoke about the episode on stage, suggesting that he wasn’t actually put into a chokehold by the teenager and in fact, that Williams had let him win, adding, “I’m Semper Fi till I die, Marine Corps b—-. I passed motherf—ing boot camp at 16.”
Williams’ routine was removed from YouTube due to copyright infringement issues, but the video still exists in the reader forum on Military.com, a military news and culture website. A user posted the video to the website in 2016 and asked: “Katt Williams a Marine?”
