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Credit card debt forgiveness could make sense this October. Here’s why.
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Last week’s surprising 50 basis point rate cut by the Federal Reserve was good news for borrowers, as the larger-than-expected reduction is likely to have a positive impact on the interest rates offered by lenders. And that, in turn, could make borrowing more affordable in the months ahead. For example, homebuyers or those considering refinancing their mortgages will likely see some relief over time, as will borrowers who want to use personal loans for things like consolidating debt.
But while loans may become cheaper now that the Fed has cut rates, borrowers who are already utilizing short-term loan options, like credit cards, are still facing high interest rates. Right now, credit card interest rates are nearing 23%, a record high. That rate is much steeper than most other forms of consumer credit, which can lead to big financial issues over time.
If you’re carrying a balance on your credit cards, today’s high rates could be costing you a significant amount of money, so you may want to explore options for reducing your credit card debt, including credit card debt forgiveness (also known as debt settlement). With debt forgiveness, the goal is to negotiate with your creditors to pay a lower lump-sum settlement, saving you money on what you owe. And there are a few reasons in particular why it could make sense to consider this strategy in October.
Need help with your credit card debt? Explore your top debt relief options now.
Why credit card debt forgiveness could help this October
There are a few reasons you may want to pursue this type of debt relief now, including:
The recent Fed rate cut may not provide enough relief
While the Federal Reserve’s rate cuts can help reduce the cost of certain types of borrowing, credit card debt works a little differently. Most credit card interest rates are variable, meaning they are influenced by the Fed’s benchmark interest rate, but they don’t always react immediately to changes. In turn, it could take months for any reductions to make their way into lower rates for credit card holders. And, there’s always a chance that card rates won’t come down at all, as credit card issuers are not obligated to lower their rates.
But even if the rate cut results in some relief for credit card users, the decrease would likely be marginal. Considering the average credit card APR is near 23%, even a reduction of 0.5% or 1% might not make much of a dent. So, waiting for relief from the Fed may not be the best strategy, especially if you’re already struggling to keep up with high monthly card payments.
Learn more about credit card debt forgiveness (and your other debt relief options) today.
Credit card interest charges compound quickly
Credit card companies typically charge interest daily, which means that not only are you paying interest on your principal balance, but you’re also being charged interest on any interest that accrued since your last payment. This can cause balances to spiral out of control, especially if you’re only making minimum payments.
Let’s say you have a $10,000 balance on a credit card with a 23% APR and you’re only able to make the minimum payment each month. Due to compounding interest, it could take you over 29 years to pay off that balance, and you could end up paying more than $18,000 in interest over that time. If you’re stuck in this type of cycle, waiting for your APR to potentially drop might not save you enough to avoid serious financial consequences. Looking into debt forgiveness options might provide more immediate relief instead.
Settling your debt could result in big savings
Debt forgiveness can offer a practical solution for those struggling with credit card balances that feel insurmountable. The settlement amounts can vary, but in many cases, pursuing this debt relief option will lower your balance by between 30% and 50%, with the remaining amount being “forgiven” by the credit card company. For example, if you owe $10,000 in credit card debt, a successful settlement might reduce your balance by 50%, meaning you only pay $5,000 on what you owe.
While debt forgiveness will have a short-term impact on your credit score, it can provide quick relief from overwhelming debt and prevent further interest from accruing on your balance. In the long run, it can be a powerful tool to reset your financial situation. So for those already paying high credit card interest, settling your debt can offer savings far greater than waiting for the Fed’s rate cut to impact card rates.
The bottom line
Credit card debt has become a mounting issue for millions of Americans, but while the Fed is working to ease borrowing conditions in other areas of the economy, credit card users may not see immediate relief from the recent or future Fed rate cuts. And given the record-high interest rates and the compounding nature of credit card debt, it could make sense to explore debt settlement this October. Taking action now might result in significant savings and provide much-needed financial relief.
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