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5 hidden costs of carrying credit card debt
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Credit card debt has become a serious problem nationwide — one that more and more people are saddled with. The typical cardholder now owes about $8,000 in credit card debt, contributing to a total of $1.17 trillion in credit card debt nationwide — a new high. That alone is concerning, but it’s even more so when you consider that today’s average credit card interest rates are also at a record high, exceeding 23%, while retail cards are even steeper, with rates averaging over 30%.
This record debt burden is not just a result of personal spending habits; it’s driven by economic pressures such as rising living costs eating into people’s budgets. As more people’s finances are stretched thin, they’re stuck borrowing money to help cover the gaps. While credit cards often serve as a financial lifeline in these situations, the high interest rates can quickly turn temporary reliance into long-term financial challenges.
But while the direct financial costs of credit card debt — like interest and fees — are apparent in monthly statements, the hidden costs often go unnoticed. These hidden costs can be just as damaging as the explicit costs of using credit cards, so it’s important to know what they are before borrowing.
Find out how to get rid of your credit card debt today.
5 hidden costs of carrying credit card debt
Here’s how carrying credit card debt affects more than just your bottom line.
Lost opportunities for wealth-building
One of the most significant hidden costs of carrying credit card debt is the lost opportunity to grow your wealth. Instead of saving or investing, you’re likely spending hundreds — or even thousands — of dollars each year servicing high-interest debt. For instance, if you’re paying $300 a month in interest, that’s $3,600 annually that could otherwise go into a retirement account, an emergency fund or investments.
Consider the potential long-term impact: $3,600 invested yearly in a retirement account with an average annual return of 7% could grow by nearly $100,000 due to interest in just 20 years. That’s money that could fund education, homeownership or a secure retirement. The longer you have that credit card debt, the more these missed opportunities add up, creating a financial gap that becomes harder to close over time.
Learn what debt relief strategies are available to you here.
Higher insurance premiums
Credit scores, which can be negatively affected by high credit card debt, can also play a key role in determining your insurance premiums. Many auto and homeowner insurance providers use credit scores to assess risk (in states where it’s allowed). A lower score, often resulting from high credit utilization or late payments, signals a higher financial risk, which can lead to increased premiums.
For example, someone with a poor credit score might pay hundreds of dollars more annually for auto insurance than someone with excellent credit. Over several years, this difference can add up to thousands of dollars, draining your resources even further. While this cost may not be immediately visible, it’s a hidden penalty for carrying credit card debt.
Limited access to favorable financial products
Having a high balance on your credit cards can severely limit your ability to qualify for favorable financial products. Credit card issuers and lenders often view high credit utilization as a sign of financial instability, making it harder to access loans, credit cards with better rewards or low-rate refinancing options.
For example, someone seeking a personal loan to consolidate debt might be offered an interest rate significantly higher than average — or denied entirely — due to their credit card debt. Even if approved, they might not qualify for the loan amount they need. These restrictions can make it difficult to improve your financial situation, trapping you in a cycle of high interest payments and limited options.
Decreased employment opportunities
In some industries, particularly those involving financial management or security, employers review credit reports as part of the hiring process. A high level of credit card debt can reflect poorly on your financial responsibility and raise concerns for potential employers.
While employers don’t see specific details like your credit card interest rates or payment history, they can observe factors such as high balances or frequent delinquencies. This scrutiny can limit your career advancement or even disqualify you from certain positions, reducing your earning potential and making it harder to recover financially.
Reduced homeownership opportunities
For many, homeownership is a major financial goal — but carrying significant credit card debt can make it much harder to achieve. Mortgage lenders assess your financial health using factors like your debt-to-income (DTI) ratio and credit score. High credit card balances increase your DTI ratio and often lower your credit score, making you appear riskier to lenders.
But even if you qualify for a mortgage, high debt levels may lead to less favorable terms, such as a higher interest rate or a lower loan amount. For example, a borrower with excellent credit might secure a mortgage rate of 7% today, while someone with high credit card debt might only qualify for a rate of 8%. Over the life of a 30-year mortgage, that difference could cost tens of thousands of dollars.
The bottom line
Tackling credit card debt requires more than just paying the minimum balance, and understanding the hidden costs of credit card debt is a crucial part of taking control of your finances. By addressing these costs proactively, you can free up resources, improve your financial health and work toward long-term goals such as saving, investing and homeownership. The sooner you take action, though, the more you can minimize the impact of these hidden costs and build a brighter financial future.
CBS News
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.
CBS News
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
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The New England Patriots will face off against the Miami Dolphins in a game today at the Hard Rock Stadium in Miami. The Patriots have had an uneven season so far, coming into the game with a record of 3-8, including a 28-22 loss to the Los Angeles Rams on November 17. The Dolphins, however, haven’t fared much better this season as they enter the game with a record of 4-6, although they are coming off two wins in a row, the latest against the Las Vegas Raiders last weekend.
Keep reading to find out how and when to watch the New England Patriots vs. Miami Dolphins game today, even without cable.
CBS, Paramount+ and CBS Essentials are all subsidiaries of Paramount Global.
How and when to watch the New England Patriots vs. Miami Dolphins game today
The New England Patriots vs. Miami Dolphins game will be played on Sunday, November 24, 2024 at 1:00 p.m. ET (10:00 a.m. PT). The football game will be shown on CBS and streamed on Paramount+ and the platforms noted below.
How and when to watch the New England Patriots vs. Miami Dolphins game without cable
While CBS is available with many basic cable packages, you’ll have other viewing options, too for the Patriots-Dolphins game. Just understand that the below streaming options will require the use of an internet provider:
Paramount+: Watch CBS-aired NFL games without cable
With Paramount+ you’ll have multiple viewing options to choose from. You can catch NFL games on the Paramount+ Essential tier for just $7.99 each month or you can watch college football with a Paramount+ with Showtime subscription for $12.99 monthly. In addition to live streams of NFL games airing on CBS, you’ll get to watch additional live sporting events including NCAA college football, PGA Tour golf, soccer and more.
Get started with Paramount+ here today.
Amazon Prime Video: Add Paramount+ to your existing subscription
Already have an Amazon Prime Video account? Simply add Paramount+ to your current subscription to watch all the CBS-aired NFL games in addition to Paramount+ originals. The same prices from above apply, depending on which tier you choose. Not sure which is best for you? Don’t worry. Both options come with a free seven-day trial that can help you decide.
Watch the Patriots-Dolphins game on Amazon Prime Video.
Fubo: Watch the Patriots-Dolphins game for free
Looking for an inexpensive way to watch football? Fubo could be the best way to do so. The live TV streamer is currently offering a seven-day free trial and $30 off of your first month’s subscription. Once subscribed, you’ll gain access to all of their live sporting events immediately. And there will be a lot to choose from. Not only does Fubo come with access to NFL games airing on your local CBS channel, it also includes Fox Sunday NFC games, “Sunday Night Football” on NBC, “Monday Night Football” on ABC and ESPN and all of the games that air on the NFL Network. So don’t wait.
Get started with Fubo online now.
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more
How to watch the New England Patriots vs. Miami Dolphins NFL game today: Livestream options, more
How to watch the Minnesota Vikings vs. Chicago Bears NFL game today: Livestream options, more
How to watch the Detroit Lions vs. Indianapolis Colts NFL game today: Livestream options, more