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Credit card debt forgiveness could make sense this October. Here’s why.

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If you’re dealing with high-rate credit card debt, a debt forgiveness program could benefit you now.

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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.



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The Secret Behind Temu’s Amazing Bargains Revealed

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Senate report details Secret Service failures in response to Trump assassination attempt in Butler

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An interim Senate report identifies planning, communications and security failures in the U.S. Secret Service’s advance and security efforts during former President Donald Trump’s July rally that “directly contributed” to the assassination attempt against him. 

The 94-page report, released Wednesday morning, cited nearly half a dozen problems, including lack of a chain of command, poor coordination with state and local law enforcement, inadequate resources and equipment and a failure to effectively secure the site and ensure the safety of the former president at the Butler, Pennsylvania, incident. 

The preliminary findings were part of a joint investigation with the Senate Homeland Security and Governmental Affairs Committee and the Permanent Subcommittee on Investigations. 

“Every single one of these actions is directly related to a failure in the U.S. Secret Service’s planning, communications, intelligence sharing and law enforcement coordination efforts,” Chairman Gary Peters told reporters Tuesday ahead of the report’s release. “Every single one of those failures was preventable, and the consequences of those failures were dire.” 

Gunman Thomas Crooks fired eight rounds with an AR-15 semiautomatic rifle from the roof of an adjacent building before he was killed by a countersniper, grazing Trump’s ear, killing one person at the rally and injuring three others in the July 13 shooting. 

The Senate report says several Secret Service officials had chronic problems with their radios. In one instance, a Secret Service countersniper was offered a local radio to help with communications through the day, but he didn’t have time to pick it up because he was working on “fixing” his own Secret Service radio.  Due to failures of radios on site in Butler, the special agent in charge gave away his radio to a lead advance agent and went without one for the rest of the day, according to the Senate report. 

A text message sent by a Secret Service employee to a supervisor an hour before the shooting warned, “I’m not getting good comms on either my phone or radio. I’ll try to stay on[.]”

At the same time, the Secret Service’s drone units had “technical problems” —  so much so, that at 4:33 p.m., the Secret Service employee operating the drone system had to call a toll-free helpline for support. The report notes the agent had only three months of experience working with that equipment and lacked knowledge about it.

The preliminary report also found that Secret Service personnel were notified about a suspicious person with a rangefinder 27 minutes before the shooting, but the lead service agent and other site officials told the panel they did not receive the information. 

Another alert about an individual on the roof of a building was sent by radio from a local law enforcement officer to the Secret Service two minutes before the shooting. This was  followed by another alert that the individual was armed, but the message was “not relayed” to key Secret Service personnel, the report stated. 

“Leaving a roof unattended, just you know, barely over 100 yards from the podium with a direct line of sight was an unacceptable and inexcusable error,” said GOP Kentucky Senator Rand Paul, a ranking member on the committee. “Everybody thought this guy was suspicious and nobody thought to stop the proceeding and remove the former president from the stage.” 

A counter sniper who was interviewed by the panel described seeing local law enforcement running toward the building where Crooks was positioned with guns drawn, but he did not alert Trump’s protective detail because it “did not cross [his] mind” to notify someone to get Trump off the stage.

According to the report, counter sniper teams were dispatched to Butler following “credible intelligence” of a threat, marking the first time this type of team was deployed to a protectee besides the president and vice president. However, nearly all the Secret Service personnel that spoke to the committee said they were unaware of the potential threat. 

“Why am I hearing about threats on TV,” an agent wrote in a note after the shooting that was included in the report.

Members of the Secret Service advance team were also denied additional resources, according to the report, and “could not identify” who had final decision-making authority for the event. 

“It was almost like an ‘Abbott and Costello’ farce with ‘who’s on first’ finger pointing by all of the different actors,” said Connecticut Senator Richard Blunmental, who heads the permanent investigative subcommittee. “It was really truth being stranger than fiction.”

The Secret Service has not commented on the report. Last week the agency issued findings from its own “Mission Assurance Review,” which found multiple communications issues and a lack of “due diligence” by the Secret Service.    

Acting Secret Service Director Ronald Rowe testified before the committee in late July, shortly after the panel launched its investigation. So far, it has completed 12 interviews, reviewed approximately 2,800 documents and conducted a site visit in Butler. Additional interviews are expected in the coming weeks, but committee aides won’t say if the probe could expand to the second assassination attempt this month, which took place at Trump’s Florida  golf club.  

The committee issued several recommendations, including enhancing planning and coordination, communication and expanding intelligence assets and resources. It also suggested designating a “single individual” to approve the agency’s security plans. 

“We’ve put a lot of meat on the bones here but we are a long way from getting the information we need,” said GOP Wisconsin Sen. Ron Johnson, ranking member of the investigative subcommittee. 

contributed to this report.



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U.S. Navy Big Horn runs aground off Oman as replenishment vessel supports USS Lincoln strike group

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The only U.S. Navy oil replenishment ship serving the USS Abraham Lincoln Carrier Strike Group, deployed in the Middle East in support of Israel amid its ongoing war with Hamas and soaring tension between other Iran-backed groups, ran aground Monday off the coast of Oman. U.S. officials told CBS News national security correspondent Charlie D’Agata the damage to the USNS Big Horn was significant enough to cause the partial flooding of the vessel, and it was being escorted by tugboats into port for a full assessment.

The Big Horn is a type of vessel referred to as an “oiler,” which ferries fuel and other vital supplies to ships and aircraft deployed in a strike group.

There were no reported injuries, no other vessels were directly affected and there were no signs of fuel leaks from the Big Horn, but it was the only Navy oiler immediately available in the region to support the Lincoln and its fleet of battleships, escort vessels and aircraft.

usns-big-horn-oiler.jpg
The Henry J. Kaiser-class fleet replenishment oiler USNS Big Horn sails alongside the Nimitz-class aircraft carrier USS Abraham Lincoln during a replenishment-at-sea operation, Sept. 11, 2024, in a photo released by the U.S. Navy.            

Handout/U.S. Navy


Navy officials would not confirm the authenticity of video posted online this week allegedly showing the ship taking on water. The incident was under investigation.

The Big Horn ran aground after a recent resupply mission, with photos released by the U.S. military showing sailors aboard the Lincoln receiving supplies from the oiler on Sept. 5, while another from Sept. 11 showed the Big Horn alongside the Lincoln.

The Lincoln and its associated Navy vessels have been patrolling the Arabian Sea in support of Israel, and to protect U.S. assets in the region. It has played a role in the joint U.S.-British operation to deter Yemen’s Houthi rebels from targeting commercial and military vessels in the region, including in the vital shipping lanes of the Red Sea. The Houthis, who are backed by Iran like Hamas, call their attacks on shipping a means of supporting the Palestinians amid Israel’s war with Hamas.

Numerous airstrikes carried out by U.S. and British vessels and aircraft in the region against Houthi targets in Yemen have failed to stem the missile attacks on ships.

Though the Lincoln itself is powered by a nuclear reactor, but its strike group has vessels powered by fossil fuel that need to be resupplied at sea. The aircraft aboard the Lincoln also need jet fuel. The Big Horn and other ships like it also provide other supplies.

CSG 12 TRANSITS THE STRAIT OF HORMUZ
In this handout photo provided by the U.S. Navy, the aircraft carrier USS Abraham Lincoln, left, the U.K. Royal Navy air defense destroyer HMS Defender, and the guided-missile destroyer USS Farragut are seen transiting the Strait of Hormuz, Nov. 19, 2019.

Handout/U.S. Navy


The U.S. official called the damage to the refueler an inconvenience but said the fleet would continue to be able to operate without it. The strike group’s destroyers can refuel in port and they can transport aviation fuel to the carrier to supply the on-board fighter jets and surveillance aircraft.

Oilers like the Big Horn typically have around 80 civilians and five military personnel on board.

The incident comes amid well documented concern over the availability of resources for the U.S. Navy as it faces expanding global threats, not only with the rising tumult in the Middle East, but as China seeks to assert itself militarily in the disputed waters of the South China Sea and around Taiwan.

Labor shortages in shipyards that have led to backlogs in ship production and maintenance, combined with shifting defense priorities, last-minute design changes and cost overruns have all combined to put the U.S. Navy behind China in the number of ships at its disposal.

Navy shipbuilding is currently in “a terrible state” — the worst in a quarter century, says

Eric Labs, a longtime naval analyst at the Congressional Budget Office, told The Associated Press in August that U.S. Navy shipbuilding was in “a terrible state,” largely due to the labor shortages onshore, adding that he did not “see a fast, easy way to get out of this problem.”



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