Credit card debt in the U.S. recently reached a new high, crossing the $1.14 trillion mark. This staggering figure reflects the broader financial challenges many Americans are facing, and it’s only part of a larger problem. Serious credit card payment delinquencies are rising, meaning more people are missing payments for 90 days or longer. And, about 20% of credit card users are maxed out on their credit limits, leaving them without access to any additional credit. 

This rise in credit card debt has coincided with other economic hurdles that have stretched budgets thin. Inflation, while cooling, has driven up prices on everyday goods and services over the last few years, making it hard for many to afford even basic necessities — and leading more people to rely on their credit cards to make ends meet. And with the average credit card interest rate now at a record high of nearly 23%, the cost of carrying balances from month to month is more burdensome than ever.

With these issues looming, tackling your credit card debt is a smart move to make, but the right approach isn’t always clear-cut. For some, credit card debt consolidation, which allows you to roll multiple debts into one lower-rate loan, may seem like the best way to get rid of your credit card debt, but it’s not a one-size-fits-all solution. The amount of credit card debt a person carries can significantly impact whether debt consolidation is the most efficient method. 

Want to learn more about your best debt relief options? Find out more here.

How much credit card debt is too much to consolidate?

There is no one-size-fits-all threshold at which credit card debt becomes too substantial for debt consolidation. The answer ultimately depends on several factors, including your total debt load, your income and your ability to stick to a repayment plan. 

That said, your debt-to-income (DTI) ratio is a common metric lenders use to determine whether you can be approved for a debt consolidation loan. If your monthly debt payments exceed 40% of your gross monthly income, consolidation may become challenging. Lenders typically prefer a DTI of 36% or lower for consolidation loans. 

So, as a general rule, if your credit card debt has ballooned to the point where it’s more than half of your annual income, debt consolidation might not be the best solution. In such cases, the consolidated loan payments might still be too high for you to manage, even with a lower interest rate — and you may have trouble finding a lender who will approve your loan application.

Your credit score also plays a significant role. If you have significant credit card debt, your credit score is likely to have taken a hit, which means you may not qualify for the best terms on a consolidation loan — and a higher interest rate on a consolidation loan may not provide the savings you’re hoping for. 

The loan amount you would need could also have an impact. While there’s no strict upper limit for this type of loan, debt consolidation loans typically cap out around $50,000 to $100,000. If your debt load is beyond this range, other debt relief options may be more appropriate.

If you’re trying to tackle high-rate card debt, compare your debt relief options now.

Other options for tackling high credit card debt

If your credit card debt has surpassed the point where consolidation is viable, there are alternative strategies that can help manage and reduce the burden, including:

• Debt management programs: When you enroll in this type of plan, the credit counseling agency will help negotiate with your creditors to lower interest rates and create a structured repayment plan. This can be effective for those with significant debt across multiple cards.
• Debt forgiveness: This approach involves negotiating with creditors to accept less than the full amount owed. While it can reduce your overall debt, it can have severe negative impacts on your credit score and may result in tax implications.
• Balance transfers: For those with good credit, transferring balances to a card with a 0% introductory APR period can provide temporary relief and allow for more efficient debt repayment. However, this strategy is typically more suitable for moderate amounts of debt.
• Hardship programs: Sometimes, creditors may be willing to lower interest rates or set up a more manageable payment plan if you reach out and explain your financial hardship.
• Bankruptcy: In extreme cases where debt has become truly unmanageable, bankruptcy may be a last resort option to consider. While it can provide a fresh start, it also comes with long-lasting consequences for your credit and financial future.

The bottom line

When trying to get rid of high-rate credit card debt, using a debt consolidation loan to tackle it could help you lower the interest charges, making it easier and more affordable to pay off what you owe. But while debt consolidation can be an effective tool for managing moderate levels of debt, it’s important to fully assess your financial situation and explore all of your available options — especially when you’re dealing with high amounts of card debt. That way, you can make the best and most educated decision for your finances.

A Russian fighter jet flew dangerously close to aircraft deployed by the North American Aerospace Defense Command off the coast of Alaska, according to a video posted Monday by NORAD.

In the 15-second video posted to social media, a military jet can be seen flying just feet away from a NORAD aircraft as it speeds by, banking to its left and right. NORAD said it had deployed planes to fly a “safe and disciplined intercept” of the Russian aircraft in the Alaska Air Defense Identification Zone, a zone that is beyond U.S. sovereign air space, but an area in which aircraft are expected to identify themselves.

“The conduct of one Russian Su-35 was unsafe, unprofessional, and endangered all – not what you’d see in a professional air force,” Gen. Gregory Guillot, commander of the United States Northern Command and North American Aerospace Defense Command, said in a statement.

The video was released a week after NORAD said four Russian military planes were detected and tracked off the coast of Alaska. Those aircraft were spotted just days after about 130 U.S. soldiers were temporarily deployed to a remote Alaska island with mobile rocket launchers amid a spike in Russian military activity off the western reaches of the U.S.

The deployment coincided with eight Russian military planes and four navy vessels, including two submarines, traveling close to Alaska as Russia and China conducted joint military drills. None of the planes breached U.S. airspace.

NORAD previously said it detected and tracked Russian military planes operating off Alaska over four days on Sept. 11, Sept. 13, Sept. 14 and Sept. 15.

In July, two Russian Tu-95s and two Chinese H-6s entered the Alaska Air Defense Identification Zone, NORAD said. The bombers were intercepted by U.S. F-16 and F-35 fighter jets, along with Canadian CF-18s and other support aircraft, a U.S. defense official confirmed to CBS News.  

The frequency of Russian airplanes entering the zone varies yearly. NORAD has said the average was six or seven a year, but it has increased recently. There were 26 instances last year and 25 so far this year.

Earlier this month, Japan said its warplanes used flares to warn a Russian reconnaissance aircraft to leave northern Japanese airspace.

Washington — Minnesota Gov. Tim Walz went from relative obscurity to coining an attack line against Republicans and becoming Democrats’ vice presidential candidate within a number of weeks this summer. 

His political career began in 2006, when he was elected to the House of Representatives from a conservative district bordering Iowa, South Dakota and Wisconsin. But he’s taken a more liberal stance on a number of issues since becoming governor in 2019. 

Here’s a look at where he stands on several important issues heading into Tuesday’s VP debate, hosted by CBS News: 

Tim Walz’s views and record on abortion and IVF

As governor, Walz signed legislation codifying abortion rights in 2023, making Minnesota the first state to do after the Supreme Court overturned Roe v. Wade. The legislation also protects access to contraception, fertility treatments, sterilization and other reproductive health care. 

Walz and his wife, Gwen, opened up about their own fertility struggles after the Alabama Supreme Court ruled earlier this year that frozen embryos made through in vitro fertilization, or IVF, are children under the law. The ruling opened the door to potential wrongful death claims if an embryo did not survive the process. 

“If you’ve never experienced the hell that is infertility, I guarantee you, you know somebody who has,” Walz said in his speech at the Democratic National Convention in August. “I remember praying each night for a call, the pit in my stomach when the phone would ring and the absolute agony when we heard the treatments hadn’t worked. It took me and Gwen years.” 

The couple eventually conceived their daughter, Hope, through intrauterine insemination treatments, also known as IUI. 

The Israel-Gaza war

The vice presidential candidate has echoed Vice President Kamala Harris’ stance on the war in Gaza, supporting Israel’s right to defend itself after Hamas attacked the U.S. ally on Oct. 7, while also acknowledging the suffering of Palestinians. 

Israel has “the right to defend themselves and the United States will always stand by that, but we can’t allow what’s happened in Gaza to happen. The Palestinian people have every right to life and liberty themselves,” he said in early September. “It’s a humanitarian crisis. It can’t stand the way it is. And we need to find a way that people can live together in this, and we’ve said it and continue to say it, getting a cease-fire with the return of the hostages and then moving towards a sustainable two state solution is the only way forward.” 

Gun control

Walz, who once had an “A” grade from the NRA, took several votes during his six terms in Congress to expand access to firearms. At the time, he represented a rural district. 

“I grew up hunting and spent 24 years in the Army National Guard,” Walz said in 2010. “I know how important Second Amendment rights are to the people of southern Minnesota. I’m proud to stand with the NRA to protect our Second Amendment rights, and I’m truly grateful for their endorsement.” 

He began to soften his stance against an assault weapons ban in 2012 after the Sandy Hook school shooting, in which 20 children and six adults were killed. 

“It has to strike the proper balance between the constitutional rights of law-abiding citizens versus the safety of all Americans,” he said of a potential legislative fix. 

Walz took a more liberal stance on gun control while he ran for governor of Minnesota. He criticized the NRA, writing in the Minnesota Star Tribune that “it’s the biggest single obstacle to passing the most basic measures to prevent gun violence in America.” He also said he supported an assault weapons ban. 

As governor, he signed legislation to require background checks for gun transfers and a “red flag” law that allows law enforcement to take away someone’s gun when they are at risk of harming themselves or someone else with a firearm. 

The economy

In 2023, Minnesota’s $17.5 billion budget surplus provided Walz and the Democratic-controlled state legislature with funding for their priorities, including free school meals for all students from kindergarten through high school. Democrats also passed legislation that provided tax rebates and credits for low- and middle-income families, such as a $1,750 child tax credit to help lift kids out of poverty, while raising taxes on foreign corporations and wealthy taxpayer’s investment income. 

When Walz became governor in 2019, the Minnesota unemployment rate was 3.3%. It peaked at 11.2% in May 2020, two months after the World Health Organization declared COVID-19 a pandemic. The state’s unemployment rate is now on par to pre-pandemic levels, though it’s increased in recent months, according to U.S. Bureau of Labor Statistics data. 

Minnesota’s economic growth, however, has been slower than the national rate. In 2023, the state’s inflation-adjusted gross domestic product — which measures the total value of goods and services — increased 1.6%, according to the U.S. Bureau of Economic Analysis. U.S. GDP increased 2.9% in 2023. 

Immigration

In Congress, Walz voted for a bill that would block Syrian and Iraqi refugees from entering the U.S. unless they passed strict background checks. Walz, as governor, welcomed the resettlement of refugees in Minnesota, saying the state “has a strong moral tradition of welcoming those who seek refuge.”

“The inn is not full in Minnesota,” he wrote in a 2019 letter to Secretary of State Mike Pompeo. 

Minnesota is home to large Somali, Karen, Hmong and Liberian populations. 

In 2021, Walz asked Democrats in Congress to find a pathway to citizenship for essential workers, “Dreamers” and immigrants who have Temporary Protected Status, as well as their families.

He signed a bill last year that made undocumented immigrants eligible for Minnesota driver’s licenses. 

“With an estimated 81,000 undocumented immigrants in Minnesota, the bill will increase safety across Minnesota by ensuring that all drivers are licensed, insured, and have taken driver’s education courses,” a news release said. 

Undocumented immigrants in Minnesota also became eligible to enroll in the state’s publicly run health insurance program for low-income residents and apply for free college tuition under Walz’s leadership. 

CBS News will host the only planned vice presidential debate between Vance and Walz on Tuesday, Oct. 1, at 9 p.m. ET on CBS and CBS News 24/7. Download the free CBS News app for live coverage, post-debate analysis, comprehensive fact checks and more.