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3 smart debt relief moves to make for October
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While inflation has steadily declined over the last year and, now, interest rates have started to be reduced, the economic burdens millions of Americans have felt in recent years are still lingering. The average American owes approximately $8,000 in credit card debt currently and, overall, the total credit card debt nationwide now sits at approximately $1.4 trillion. That’s a lot of money to pay back and it won’t be repaid overnight, either.
Fortunately, if you’re one of those borrowers stuck with credit card or other high-interest debt right now, there are options to pursue to help you dig out. Debt relief companies offer varied services from debt consolidation loans (in which you can consolidate your debt into one, preferably lower-rate loan) to debt management programs to credit card debt forgiveness. To position yourself for success, however, you’ll need to start taking action soon. And with the aforementioned statistics in mind, this October could be the time to act. Below, we’ll detail three smart debt relief moves to make now.
Start by seeing which option can offer you the most debt relief here.
3 smart debt relief moves to make for October
While each borrower’s financial situation and overall debt severity are different, there are some broadly applicable debt relief moves to make for the upcoming month. Here are three:
Review your options
As noted, there are multiple debt relief options to choose from ranging from moderate help to more severe assistance like bankruptcy. The best one for you will depend on factors like how much you owe, your current ability to pay and your credit score.
If you’ve already stopped paying your debt or are delinquent, you may need more help than if you have large but still manageable debt obligations. So review your options carefully and consider speaking to a debt relief specialist who can better help determine your most appropriate course of action.
Contact a debt relief professional online today.
Stop waiting
Choosing the right debt relief option for your unique situation is just one step. The rest, however, will take time to implement and it could be months, if not years, to accomplish your goal. Credit card debt forgiveness, for example, can take two to four years to complete and even then you won’t have your full debt forgiven (it’s usually capped between 30% and 50% of what you owe).
Waiting around, then, for the perfect relief option or for interest rates to fall could be detrimental to your financial well-being. Instead, consider acting aggressively once you’ve determined your best option.
Boost your credit score
If you’re currently in debt you may have already damaged your credit score. But if you have the means to improve it, you should make every effort to do so. This means securing a copy of your credit report to review for any errors or inaccuracies that could be damaging your score. It also means refraining from adding to your existing debts and making payments on time.
Remember that select debt relief options, like debt consolidation loans, will only be beneficial if you can secure a lower rate than what you already have elsewhere. To get that lower rate, then, become a qualified borrow and start working now to boost your credit score. It’ll pay dividends if you pursue select debt relief options.
The bottom line
If you’re stuck in debt then consider using the start of a new month as a fresh start. To truly regain your financial freedom, however, you’ll want to carefully analyze each potential debt relief option available now to best determine which aligns with your financial needs. Once you do, consider acting quickly as delays will only lead to compounded interest on your existing debt. And make sure to do all you can to boost your credit score in the interim, both to position yourself for better rates on products like debt consolidation loans but also as part of the overall process of improving your financial standing. By making these smart debt relief moves this October, you can start digging out of debt and move toward improved, long-term economic health.
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Israeli military says “targeted” ground operation in southern Lebanon against Hezbollah has begun
The Israeli military says it has begun a “limited, localized” ground operation against Hezbollah targets in southern Lebanon.
In posts shared on social media, the Israeli military said it was carrying out “targeted ground raids” in villages close to the Israeli border. The targets, it said, pose an “immediate threat to Israeli communities in northern Israel.”
It announced that the operation has been planned in recent months and was launched after approval by political leaders. The troop movement comes in the wake of days of Israeli airstrikes which killed the leader of Hezbollah and a number of the group’s commanders in Beirut.
“The ground forces are accompanied in an attack effort by the air force and artillery forces,” the statement said, “which attack military targets in the area in a coordinated effort with the ground forces fighters.”
This is a developing story. Please check back for updates.
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Tampa Seminole Hard Rock Casino partially evacuated after 2 “crude” explosive devices found
Two explosive devices were discovered hidden at the Seminole Hard Rock Casino in Tampa, Florida, on Sunday and Monday, prompting partial evacuations, the police said Monday.
The devices were deactivated and removed from the premises, the Seminole Police Department said in a statement.
The first “crude concealed device with fireworks components” was found in a men’s room next to the casino shortly before midnight on Sunday night. The device was “quickly deactivated with cooperation and support from the Hillsborough County Sheriff’s Office Bomb Disposal Team,” the police said. “Part of the casino was immediately evacuated, then reopened about 3 a.m., after the device was deactivated and removed.”
During the investigation prompted by the first device, a second concealed explosive was discovered in a men’s room shortly after noon on Monday in the mezzanine area of the casino, the Seminole Police Department said. The mezzanine area was evacuated and the second device was also deactivated and removed with help from Hillsborough County Sheriff’s Bomb Disposal Team.
The Seminole Police Department said it was working with the FBI and reviewing surveillance video as part of the ongoing investigation.
All areas of the casino have reopened, police said Monday.
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Port workers at East and Gulf Coast terminals steam toward a strike for the first time since 1977
U.S. ports along the East and Gulf Coasts are set to close on Tuesday, with the union representing tens of thousands of dockworkers and an industry group representing port operators and shipping companies at loggerheads over a new labor contract.
Experts warn that prolonged work stoppage could lead to higher costs on goods around the nation and create shortages ahead of the holiday shopping season. A one-week strike could cost the economy nearly $3.8 billion and increase the cost of consumer goods, according to the Conference Board, which called the situation a “political minefield” given that it comes just ahead of the November presidential election.
Other estimates of the potential economic hit also suggest the strike could take a toll, although the losses would likely amount to a small fraction of the nearly $29 trillion U.S. economy.
“A port strike could cost the U.S. economy billions of dollars a day, hurting American businesses, workers and consumers across the country,” Business Roundtable CEO Joshua Bolten said in a statement this weekend. “We urge both sides to come to an agreement before Monday night’s deadline.”
Such a breakthrough seemed unlikely as of late Monday afternoon.
The contract between the International Longshoremen’s Association (ILA) and the United States Maritime Alliance (USMX), which represents the ports and ocean carriers, expires at midnight Monday. A strike is set to officially kick off as of 12:01 Eastern Time on Tuesday, according to the ILA.
The two sides haven’t been at the bargaining table since June, and as of Monday afternoon there was little sign that they were set to resume talks.
A total of 14 ports involving some 25,000 workers could be affected by the strike, according to USMX: Baltimore; Boston; Charleston, South Carolina; Jacksonville, Florida; Miami; Houston; Mobile, Alabama; New Orleans; New York/New Jersey; Norfolk, Virginia; Philadelphia; Savannah, Georgia; Tampa, Florida; and Wilmington, Delaware.
The ILA is demanding sizable wage hikes and a complete ban on the use of automated cranes, gates and container-moving trucks in unloading or loading freight at ports handling about half of the country’s ship cargo.
“The ocean carriers represented by USMX want to enjoy rich billion-dollar profits that they are making in 2024, while they offer ILA longshore workers an unacceptable wage package that we reject,” the union said in a statement on Monday.
USMX did not immediately return a request for comment.
If a strike were deemed to threaten national health or safety, under the Taft-Hartley Act President Joe Biden could seek a court order requiring an 80-day cooling-off period. But Biden administration officials have repeatedly said he would not take to action to prevent a strike and that the contract dispute should be resolved through collective bargaining.
“Senior officials have been in touch with USMX representatives urging them to come to a fair agreement fairly and quickly — one that reflects the success of the companies. Senior officials have also been in touch with the ILA to deliver the same message,” White House spokesperson Robyn Patterson said.
With the first strike by the ILA at East and Gulf Coast cargo terminals since 1977 seemingly imminent, officials in New York and New Jersey have been working to minimize any potential supply-chain disruptions, setting up trucks to transport food and medical supplies.
Fuels like home heating oil and diesel gas are transported in ways that wouldn’t be impacted by a strike, New York Gov. Kathy Hochul said in a news conference on Monday, although she noted that the “potential for disruption is significant.”
New York does not expect shortages of essential goods anytime soon, so there’s no need to run to the grocery store and stockpile goods as occurred during the pandemic, Hochul said. Although there might be shortages of individual food items. such as bananas, should a strike persist longer than a few weeks, the state would continue to get food shipments from major markets including Canada, California and Mexico, as well as from New York itself, the governor added.
The automobile industry could feel a more immediate impact, however, with Hochul cautioning would-be buyers to call ahead.
“If you’re expecting a new car this week, it may be something you want to check with your dealer. It may not be arriving, for example, in the next few weeks,” she warned.
