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3 big credit card debt mistakes to avoid this October

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With credit card interest rates high, users will should carefully avoid some simple mistakes this October.

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Although the Federal Reserve’s interest rate cut earlier in September was a positive development for borrowers, it’s unlikely to offer much immediate relief for credit card users. 

The average American has around $8,000 in credit card debt right now, and the average credit card interest rate is quickly approaching a staggering 23% at the same time. Combined, this makes for a potent combination of high-interest debt that will be difficult to pay off in a timely fashion. 

Fortunately, multiple debt relief companies can help borrowers. They can do so with debt consolidation loans, debt management programs and even credit card debt forgiveness for those who may be eligible. To help make these options more effective, however, credit card users will need to take some steps to alleviate their existing debt. And that extends to knowing which credit card debt mistakes to avoid heading into the new month. Below, we’ll break down three of them.

Learn how the right debt relief program can help with your credit card debt here.

3 big credit card debt mistakes to avoid this October

Don’t let your existing credit card debt grow much further. Instead, avoid making these simple but easy-to-make mistakes this October:

Waiting for interest rates to fall further

There’s no telling when interest rates will fall, exactly. But even if you could determine it with exact precision, it doesn’t mean that those adjustments will make a material difference in what you owe on your credit cards. With a credit card interest rate of 23%, for example, a half of a percentage point reduction isn’t likely to do much (and that’s assuming that credit card rates fall directly in tandem with Fed actions, which they don’t). 

Instead, rate reductions will come at a measured, gradual pace, which won’t offer the immediate relief those drowning in credit card debt need most right now. So be proactive and don’t wait for rates to decline further.

Get started with a top debt relief company online today.

Making minimum payments only

Minimum monthly credit card payments will provide (barely) minimum relief. For example, if you have $8,000 in credit card debt with that average 23% rate it will take you 27 years and nearly $15,000 in interest to pay down your debt if you make just the minimum $233.33 payment every four weeks. So stop making them and aim to make a more substantive payment each month, instead. 

This is easier said than done. But if you made a payment of $466 instead – doubling your minimum – you’d pay off your debt in just 20 months and only pay $1,794.84 in interest. That’s approximately 25 years back to you and over $13,000 in saved interest costs. So it could be worth the financial sacrifice if you can find a way to do so.

Thinking you can do it on your own

As the above figures demonstrate, you may simply already be in too much debt to take a DIY approach. So don’t force it. Take a realistic look at what you owe and what you can realistically afford to pay. If you can only make those minimum payments, then, it may be time to bring in an experienced debt relief servicer who can help. 

With options ranging from debt management to bankruptcy for more severe cases, there’s likely an effective recourse for your financial situation. Thinking you can do it all on your own, however, could be a costly (and time consuming) mistake. 

The bottom line

Credit card debt can be debilitating for both your financial and mental health. And it can be compounded by making mistakes like waiting for interest rate reduction help, making minimum payments only and taking a personal approach to a problem that requires professional assistance. So don’t make these mistakes in October. Consult with a debt relief professional who can advise you on the best path to take in the new month and get working toward true relief from credit card debt now.

Get started online now.



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Texas man executed for killing infant son after waiving right to appeal death sentence

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HUNTSVILLE — A Texas man who had waived his right to appeal his death sentence was put to death Tuesday evening for killing his 3-month-old son more than 16 years ago, one of five executions scheduled within a week’s time in the U.S.

Travis Mullis
Travis Mullis

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Travis Mullis, 38, received a lethal injection at the state penitentiary in Huntsville and was pronounced dead at 7:01 p.m. CDT. He was condemned for stomping to death his son Alijah in January 2008.

Mullis was the fourth inmate put to death this year in Texas, the nation’s busiest capital punishment state. Another execution was carried out Tuesday evening in Missouri, and on Thursday, executions were scheduled to take place in Oklahoma and Alabama. South Carolina conducted an execution Friday.

Authorities said Mullis, then 21 and living in Brazoria County, drove to nearby Galveston with his son after fighting with his girlfriend. Mullis parked his car and sexually assaulted his son. After the infant began to cry uncontrollably, Mullis began strangling the child before taking him out of the car and stomping on his head, according to authorities.

The infant’s body was later found on the roadside. Mullis fled the state but was later arrested after surrendering to police in Philadelphia.

Mullis’ execution proceeded after one of his attorneys, Shawn Nolan, said he planned no late appeals in a bid to spare the inmate’s life. Nolan also said in a statement Tuesday afternoon that Texas would be executing a “redeemed man” who has always accepted responsibility for committing “an awful crime.”

“He never had a chance at life being abandoned by his parents and then severely abused by his adoptive father starting at age three. During his decade and a half on death row, he spent countless hours working on his redemption. And he achieved it. The Travis that Texas wanted to kill is long gone. Rest in Peace TJ,” Nolan said.

Mullis declined an offer earlier in the day to phone his attorney from a holding cell outside the death chamber, said Texas Department of Criminal Justice spokeswoman Hannah Haney. His lawyers also did not file a clemency petition with the Texas Board of Pardons and Paroles.

In a letter submitted in February to U.S. District Judge George Hanks in Houston, Mullis wrote that he had no desire to challenge his case any further. Mullis has previously taken responsibility for his son’s death and has said “his punishment fit the crime.”

At Mullis’ trial, prosecutors said Mullis was a “monster” who manipulated people, was deceitful and refused the medical and psychiatric help he had been offered.

Since his conviction in 2011, Mullis has long been at odds with his various attorneys over whether to appeal his case. At times, Mullis had asked that his appeals be waived, only to later change his mind.

Nolan had previously told the 5th U.S. Circuit Court of Appeals during a June 2023 hearing that state courts in Texas had erred in ruling that Mullis had been mentally competent when he had waived his right to appeal his case about a decade earlier.

Nolan told the appeals court that Mullis has been treated for “profound mental illness” since he was 3 years old, was sexually abused as a child and is “severely bipolar,” leading him to change his mind about appealing.

Natalie Thompson, who at the time was with the Texas Attorney General’s Office, told the appeals court that Mullis understood what he was doing and could go against his lawyers’ advice “even if he’s suffering from mental illness.”

The appeals court upheld Hank’s ruling from 2021 that found Mullis “repeatedly competently chose to waive review” of his death sentence.

The U.S. Supreme Court has prohibited the application of the death penalty for the intellectually disabled, but not for people with serious mental illness.

If the remaining executions in Texas, Alabama and Oklahoma are carried out as planned, it will mark the first time in more than 20 years — since July 2003 — that five were held in seven days, according to the nonprofit Death Penalty Information Center, which takes no position on capital punishment but has criticized the way states carry out executions.

The first took place Friday when South Carolina put inmate Freddie Owens to death. Also Tuesday, Marcellus Williams was executed in Missouri. On Thursday, executions are scheduled for Alan Miller in Alabama and Emmanuel Littlejohn in Oklahoma.



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9/24: CBS Evening News – CBS News

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Florida’s Big Bend region braces for another hurricane; Johnny Cash statue unveiled in U.S. Capitol

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9/24: The Daily Report with John Dickerson

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Lindsey Resier reports on the intensifying strikes between Israel and Hezbollah, the takeaways from President Biden’s final address to the United Nations General Assembly, and why the Department of Justice is going after Visa.

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