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4 strategies to cut your credit card debt this August
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Between the ongoing inflation issues, the high-rate environment and the other economic hurdles that have been looming, many Americans are facing tough financial times now. And, that’s especially true for those who are carrying variable-rate debt, like credit card debt, as the Fed rate hikes that have occurred over the last couple of years have had a big impact on those types.
For example, the average credit card rate is currently 22.76%, up from just 16.65% at the same point in 2022. That’s an increase of over 36% in just two years. So, if you’re carrying any amount of credit card debt right now — which many Americans are — you’re likely paying a lot more in interest than you were a couple of years ago. And, you’re doing so at a time when rising consumer goods costs are also negatively impacting your budget.
That can be a recipe for financial disaster if you aren’t careful. After all, it doesn’t take much for compounding interest charges to cause your balance to become unmanageable, especially if you’ve racked up anywhere close to the $7,950 in credit card debt that the average American is carrying. But the good news is that there are ways to take action and get rid of your credit card debt this August.
Need help with your credit card debt? Compare the debt relief options available to you now.
4 strategies to cut your credit card debt this August
If you’re struggling to pay off your credit card debt, here are several strategies that may help you tackle the issue:
Opt for debt consolidation
With debt consolidation, the goal is to combine multiple debts into a single, more manageable payment, typically with a lower interest rate than what you pay on your credit cards. By doing this, you can expedite and simplify the repayment process while cutting down on the total interest charges you owe. And, there are two main approaches to consider: debt consolidation loans and debt consolidation programs.
Debt consolidation loans are offered by traditional banks, credit unions and lenders who specialize in debt consolidation. You can also use other types of loans, like personal loans or home equity loans, to consolidate your debt. However, you’ll typically need a good credit score to qualify for the best rates, so if you have some late payments or other negative marks on your credit report, this may not be the best strategy.
Debt consolidation programs work similarly. When you enroll in this type of program, your card debt is rolled into one loan issued by a debt relief company’s partner lenders. The big difference between the two is that there may be more flexible borrower requirements when using the company compared to traditional debt consolidation lending.
Find out how the right debt relief program could benefit you now.
Utilize nonprofit debt management
Credit counseling agencies, which are typically nonprofit organizations, offer debt management plans that can help you repay your debts more efficiently. When you enroll in this type of program, the credit counselor you work with will help you create a debt repayment plan that aligns with your financial goals and capabilities. During this process, they may also try to negotiate lower interest rates or waived fees with your creditors to cut down on what you owe.
These programs be an excellent option for those struggling with high-interest credit card debt. However, if you owe a significant amount of money to your creditors, these programs may not provide enough relief.
Pursue credit card debt forgiveness
With credit card debt settlement, commonly referred to as credit card debt forgiveness, the goal is to negotiate with your creditors to get them to accept less than the full amount owed. This can be done independently or through a debt relief company. The remaining portion is “forgiven” after the agreed-upon sum is paid and the debt is considered settled.
While successful negotiations can reduce your overall debt (in some cases by up to 50%), you should be aware of the drawbacks. These include negative impacts on your credit score, potential tax implications, the risk of creditors not agreeing to settle and high fees for debt relief companies.
Negotiate with your creditors
If you want to get rid of your card debt, don’t underestimate the power of simply asking for more help. Call your credit card companies and request lower interest rates and fees if you’re facing temporary financial difficulties. Many creditors are willing to work with customers to prevent defaults.
You can also inquire about any hardship programs your creditors may offer. By enrolling in this type of program, you could receive temporary modifications to your credit card terms, like reduced interest rates, lower minimum payments, waived fees or even short-term payment suspensions (the specific terms vary by issuer).
The bottom line
While the strategies outlined above can be a good starting point for tackling your credit card debt this August, remember that there’s no one-size-fits-all solution to getting rid of credit card debt. The best strategy depends on your financial situation, the amount of debt, your credit score and your long-term financial goals. So, make sure you weigh all of your options and choose the one that aligns best with your unique circumstances to ensure that you’re setting yourself up for a stronger financial future.
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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