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3 big credit card debt mistakes to avoid 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.
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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.