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4 signs credit card debt forgiveness may not work for you
If you’re tired of making monthly credit card payments only to see minimal reductions in your balances then you may be looking into debt relief options. Credit card debt forgiveness is one to consider.
Debt forgiveness companies aim to help you save money and get out of debt faster through negotiations. If those negotiations are successful, your credit card companies may forgive a percentage of your balances, which could provide the relief you’re looking for.
But, like all debt relief options, credit card debt forgiveness isn’t a one-size-fits-all solution. So, what are some signs that credit card debt forgiveness may not work for you? That’s what we will detail below.
Let a debt relief expert help you put your credit card debt behind you now.
4 signs credit card debt forgiveness may not work for you
While credit card debt forgiveness programs are a good fit for some borrowers, they aren’t perfect for everyone. Here are a few signs that credit card debt forgiveness may not work for you:
You always make your payments on time
Credit card debt forgiveness is typically designed for borrowers who can’t consistently make minimum payments. So, if you make your credit card payments on time, every time, that may be a sign that these programs aren’t a good fit for you.
There are a wide range of debt relief options. And, credit card debt forgiveness is a more extreme option that can come with more significant repercussions than others. So, if you can afford to make your monthly payments on time – even if it’s not always comfortable – other debt relief solutions may be a better fit.
Find alternatives to credit card debt settlement here.
You don’t have enough credit card debt
Most credit card debt forgiveness companies require minimum debt amounts to qualify for their services. For example, you’ll need at least $10,000 in credit card debt to qualify for the services Accredited Debt Relief provides and Freedom Debt Relief and National Debt Relief both impose $7,500 minimums. If you have under $7,500 in credit card debt, you may be hard-pressed to find a service provider to work with.
You already have a judgment
If you forego payments to your credit card companies for too long, they may sue you for the money you owe. And, if your credit card companies sell your debt to a debt collector, that collector may take you to court, too.
If you lose the case, your credit card companies, or the debt collectors they’ve sold your debt to, may win judgments against you. Those judgments can give them leverage, making them less likely to negotiate what you owe. While you may be able to settle a debt following a judgment against you, doing so may be more difficult. So, if you already have one or more judgments against you and can’t afford to pay the debt back, bankruptcy may be a better option.
You’re considering a large purchase
Credit card debt forgiveness may not be your best debt relief option if you want to make a large purchase, like a home or car. That’s because these solutions can harm your credit score, making it difficult to access new loans.
“Asking for payment relief or debt forgiveness should be given serious consideration prior to taking action,” explains Michael Broughton, founder and CEO of the credit-building app, ALTRO. “Once you request a change to terms or a lower payment, your credit could be impacted and the chances that you will be able to get loans for other, unrelated items can be severely diminished.”
The bottom line
Credit card debt forgiveness is a fitting solution for many people – especially if they can’t afford their minimum payments. But, it’s not the best fit for everyone. You may want to consider other options if you always make your payments on time, don’t have enough credit card debt, already have judgments against you or you’re in the market for a large purchase. Chat with an expert about your debt relief options now.
CBS News
Kamala Harris will speak with “60 Minutes” tomorrow. Here’s what to know for the interview.
Voters will get the chance to hear from Vice President Kamala Harris on Monday as she presents her case for why she should be president in a “60 Minutes” election special.
For decades, “60 Minutes” has featured both Republican and Democratic nominees for presidents, but this year, former President Donald Trump backed out after previously indicating he would be on the show. Correspondent Scott Pelley, who’d been set to interview Trump, will instead travel to Arizona’s Maricopa County, home to more than 60% of Arizona’s voters and a critical battleground in a key swing state.
One thing is certain about the election; with the U.S. deeply involved in both the wars in Ukraine and the Middle East, whoever wins on Nov. 5 will become a wartime president.
What Harris will discuss
Israel’s war started one year ago after Hamas launched a surprise terror attack and correspondent Bill Whitaker will discuss the ongoing war with Harris.
Harris will also discuss the economy, immigration, her record as vice president and the differences between herself and Trump.
Democratic vice presidential candidate Gov. Tim Walz will also appear.
Whitaker joined the Democratic ticket on the campaign trail this week to gain insight into their platform’s priorities and values, and what the candidates believe voters should know.
Why Trump pulled out of the “60 Minutes” interview
Leading up to the candidate hour, Trump, through campaign spokespeople, was the first candidate to accept the “60 Minutes” request to be interviewed for the special, according to CBS News. It had been agreed that both candidates would receive equal time during the broadcast.
Trump last sat down with 60 Minutes in 2020. He walked out during the interview with Lesley Stahl. Trump referenced the incident on Tuesday night at a Milwaukee press conference when asked about his decision not to participate in the Oct. 7 “60 Minutes” election special.
“Well, right now, I went to – they came to me and would like me to do an interview, but first I want to get an apology, because the last time I did an interview with them, if you remember, they challenged me on the computer,” Trump said. “They said the ‘laptop from hell’ was from Russia, and I said it wasn’t from Russia. It was from Hunter, and I never got an apology, so I’m sort of waiting. I’d love to do ’60 Minutes.’ I do everything.”
The Republican nominee for president emphasized that he felt he was owed an apology from “60 Minutes.”
“Let’s see if they do it. I wouldn’t mind doing 60,” Trump continued. “I’ve done ’60 Minutes’ a lot.”
In a statement on Tuesday, Trump campaign communications director Steven Cheung said that Trump’s team had not agreed to an interview.
“Fake News,” Cheung said in a post on X. “60 Minutes begged for an interview, even after they were caught lying about Hunter Biden’s laptop back in 2020. There were initial discussions, but nothing was ever scheduled or locked in. They also insisted on doing live fact checking, which is unprecedented.”
Previous Trump, Harris appearances on 60 Minutes
Trump previously sat down with “60 Minutes'” Mike Wallace in 1985, Pelley in 2015 and Lesley Stahl twice in 2016, first in July of that year and then again in November of 2016. He also spoke with Stahl again in 2018 and 2020.
Harris previously sat down with Whitaker last year. She also was interviewed by Norah O’Donnell, “CBS Evening News” anchor and “60 Minutes” contributing correspondent, in 2020.
How to watch the “60 Minutes” election special
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Kamala Harris discusses U.S. relationship with Israel
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