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How to cut your credit card debt before the holidays

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There are certain steps credit card users can take now to cut their debt ahead of the holidays.

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Americans collectively owed a shocking $1.14 trillion in credit card debt

Unfortunately, despite rising delinquency rates — and the fact that credit card interest is very expensive with average rates of 23.37% — many people are at risk of adding to their debt burden as they enter an expensive time of the year. 

“It’s important to get a handle on your credit card debt before the holidays,” advises David Peters, a CPA and the founder and owner of Peters Tax Preparation & Consulting. “If you are already carrying a balance, try to pay it down before we get into the busy shopping season.”

With limited time left before holiday spending surges, it’s important to explore debt relief options now if you don’t want to go into the new year burdened with a large loan balance. Fortunately, there are solutions to help you get a handle on your debt before the festive season arrives. 

Start exploring your credit card debt relief options online today.

How to cut your credit card debt before the holidays

Every credit card user’s financial situation is different and, therefore, their potential relief options are likely to vary as well. That noted, here are three potential ways users can start cutting their credit card debt now:

Credit card debt forgiveness

Credit card debt forgiveness is one possible solution if you’re in over your head. The best debt relief companies can help you negotiate with credit card companies to pay less than you owe on your balance and have some debt wiped away. 

Card companies are most likely to offer forgiveness options if you have a large amount of debt and they’re worried about you being unable to pay at all. This process may hurt your credit score but can be a good solution if your balance is so large that paying it would be a serious hardship.

When you’re pursuing debt forgiveness, you’ll typically stop making credit card payments and redirect that money to the debt relief company. The company will negotiate with your creditors to convince them to allow you to make a lump sum payment for less than the total you owe. The debt relief company will then use the money you’ve sent them to make that lump sum payment.

Check your credit card debt forgiveness eligibility here.

Debt management programs

Debt management programs are another option, and they may have less of an adverse impact on your credit score than credit card debt forgiveness.

Typically, these programs involve getting personalized counseling to help you determine how much you can afford to pay your creditors each month. The debt management company will negotiate with your creditors to reduce your interest rate or take other steps to make monthly payments affordable. Your debt won’t be wiped away, but it will become easier to pay back. 

Once you have a deal with your card issuer, you’ll make your payments to your debt management company, which will pay your cards according to the agreement you’ve negotiated.

Debt consolidation loans

Finally, debt consolidation is another solution that has the least negative impact on your credit. There are several ways to do it. 

“Consolidating several credit cards into one lower-interest card via a balance transfer can help,” advises Rick Miller, financial planner and investment advisor at Miller Investment Management. Balance transfers involve paying off existing debt with a new card at a lower rate. 

“Use zero or low percentage interest offers to pay down other cards,” advises Jeffrey Wood, CPA, CFP, and partner at Elysium Financial in South Jordan, Utah. “You can transfer debts from one higher interest card to another lower interest card, often with a zero-percentage introductory period so you can really focus on reducing or eliminating that debt.”

Peters agreed this could be a good option, although he warns it can come at a cost. “Balance transfers can help save you some money on interest. However, be careful to pay attention to balance transfer fees,” he advises.

It’s also worth noting that this option requires you to qualify for a balance transfer offer, which isn’t always possible if you’ve missed payments. 

Debt consolidation loans that are offered as part of debt consolidation programs may be easier to obtain and can sometimes offer you a longer payback period so they’re more affordable. If you’re participating in a debt consolidation program, you’ll also get added support in getting a handle on your debt.

The bottom line

Ultimately, the right option will depend on the specifics of your situation. The key, though, is to explore all your options to find the right approach given your goals and ability to pay. 

Of course, you’ll also want to avoid digging into a deeper hole. As Elizabeth Pennington, CFP and financial planner at Fearless Finance advises, “if you haven’t been saving up cash for holiday purchases, scale back your gift-giving plans.” 



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Advent calendars go high-end but are they worth it?

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Advent calendars go high-end but are they worth it? – CBS News


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Advent calendars have evolved far beyond chocolate, with brands like Sephora, Burger King, and luxury jewelry stores joining the trend. Personal finance expert Trae Bodge breaks down if they’re worth the hype.

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Biden’s legacy bookended by two Trump victories

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Lloyd Doggett wishes he had called on President Biden to step aside far earlier. 

The Texan was at the forefront of what helped lead to a dramatic change in this year’s presidential election when he urged Mr. Biden to end his reelection bid in July, becoming the first Democrat in Congress to publicly break with the commander-in-chief after a disastrous summer debate performance against Donald Trump. 

In the weeks that followed more than 30 Democrats called on the president to exit the contest, but Mr. Biden’s eventual decision to leave the race and endorse Vice President Kamala Harris failed to stop Trump from winning back the White House, the outcome many in the party feared would come to pass if Mr. Biden had remained at the top of the ticket. 

This is the season of second guessing on the left, a time of what-ifs and maybes. Doggett, 78, believes almost everyone holding elected office in his party bears “some responsibility for the catastrophic defeat” he says they were handed. In addition to losing the presidency and the Senate, Democrats also failed to take back control of the House from Republicans. 

“President Biden, as far as legacy, has many successes to point to,” Doggett said. “But the most important success would have been had he stepped aside a year ago and given us a better chance of preventing Trump from coming back and doing all the damage that he will do to our country.” 

Mr. Biden ran for the White House four years ago in an attempt to end Trumpism, touting his wisdom as an experienced political hand who had spent decades in the U.S. Senate and service for eight years as Barack Obama’s vice president. He’ll soon leave office at the age of 82, with his White House tenure wedged between Trump’s first and second terms as president and a Republican-led Congress riled by Mr. Biden’s tenure leading the nation. 

“Jimmy Carter is going to be very happy now that he wasn’t the worst president of my lifetime,” Florida GOP Rep. Carlos Gimenez gloated. “….[Biden’s] policies got pretty soundly defeated in this last election.”

As Democrats sort through the aftermath of what went wrong, among those in Congress who helped push him out of the 2024 race, there remains respect for what Biden accomplished. 

“For where America was going at the time, he saved our democracy, at least for four years,” Illinois Rep. Mike Quigley said. 

But hindsight has also brought about the belief that acting sooner might have made a difference. 

“[Harris] ran a pretty good campaign, actually a really good campaign, and she had the disadvantages of not having the time to distance herself from Biden,” California Rep. Scott Peters said. “Every campaign you make mistakes. And because she had such a compressed time frame, she didn’t really have time to recover from the mistakes. But I thought it was certainly better than the alternative. I think if the president had been on the ticket, it would’ve just been a slaughter.” 

Back in 2019, Biden said he believed history would look back on four years of President Trump “and all he embraces as an aberrant moment in time.” His campaign carried the implicit hope for Democrats that while Trump may have changed politics for the time being, defeating him would bring back a measure of civility in a nation that increasingly appeared to have long moved past wanting such courtesy. 

Now, Trump has found his way back to the White House after trying to overturn his loss in 2020 and spreading falsehoods that the election was stolen, claims that stirred the mob of his supporters who violently attacked the U.S. Capitol on Jan. 6. 2021 and scarred the normally peaceful transfer of power. He overcame indictments and a group of younger Republican primary challengers. He survived two assassination attempts and won a clear victory this fall, becoming the first man in over a century to be elected to non-consecutive terms as president. 

In this last election, many voters sided with a far different vision for America than the one espoused by Mr. Biden. Trump’s approach is far more combative, his agenda centered around undocumented immigration and a vow to conduct mass deportations along with moves enticing the far right, like potential pardons for Jan. 6 rioters. He’s also promised tariffs and tax changes targeted at Americans’ economic concerns. 

Before July, Democratic leaders publicly shook off concerns about Mr. Biden’s age and ability to win again, choosing instead to overhaul the party’s primary process at his own urging, paving the way for him to face little resistance about his decision to run for reelection until after his fateful debate performance. 

In his lone White House term, Biden led the nation out of the coronavirus pandemic and worked with Democrats’ narrow congressional majorities at the time to pass a $1.9 trillion relief proposal during his first 100 days in office, relying on that same power more than a year later to put in place a landmark plan to fight climate change, both being party-line initiatives praised by Democrats and fiercely opposed by Republicans. 

He signed into law major bipartisan bills on infrastructure, gun safety and domestic production of semiconductor computer chips. He helped bolster support for Ukraine as it faces Russia’s brutal invasion, work that may soon be undercut given that notable Trump administration picks either haven’t been supportive of providing continued assistance to Ukraine or have advocated for a negotiated end to the war. 

But inflation troubles drowned out other aspects of Mr. Biden’s economic record while the border, immigration, and the chaotic withdrawal from Afghanistan were key issues that Biden’s presidency struggled with as he asked Democrats to get behind him for another term. 

“Look, there’s going to be a lot of punditry, a lot of election experts who are going to have their opinions, who are going to have their thoughts, but the president is very, very proud,” White House press secretary Karine Jean-Pierre told reporters after the election. “Very proud of what he’s been able to accomplish and incredibly impressed for what the vice president was able to do.” 

A source familiar with the president’s standing at the time said internal campaign polling “showed a slight hit” from the June 27 debate and contended that “it wasn’t until the circular firing squad picked up and there was regular coverage of Democrats calling for an exit that we really took more damage.” 

Yet among the Democrats who called on him to leave the race before Mr. Biden dropped out on July 21, there is a sense that they were right, that they did what needed to be done even if it didn’t get them where they wanted to be. 

“In retrospect, I feel certain that Biden was facing certain defeat and that we were certainly going to see the loss of the House and the Senate, and I felt the House would be much worse than it is now,” said California Democratic Rep. Mark Takano, who still regards Biden as having had an “amazing run as the president.” 

Others didn’t share the same introspection. 

Even after going public with his call for Biden to end his campaign, Democratic Ohio Sen. Sherrod Brown lost his own contest, a defeat which helped give Republicans the Senate and unified control of Washington. Reeling from his loss and facing reporters as he hurried through the Capitol a few days after the election, Brown said “I don’t have any thoughts on Biden’s legacy.” 

“I’m just focused on what we need to do here these last few weeks,” Brown said. “I’m not a pundit.”

And the man who defeated Brown didn’t hesitate to credit Mr. Biden for helping bring Trump back to power.  

“Biden was the greatest thing to ever happen to President Trump because he showed the country how insane the left has gotten,” said Bernie Moreno, the Republican who ousted Brown from his Senate seat. 

Mr. Biden isn’t quite an afterthought in Washington — however, the spotlight that was so squarely trained on him for most of the last four years has drifted to Trump and the vision his allies on the right have for the president-elect’s return to power. 

In these waning days of his presidency, Mr. Biden isn’t the only one quietly finishing his tenure. Political life in the nation’s Capitol rarely ends in climactic fashion, with most leaving the halls of power because of retirement or defeat rather than one final victory before calling it a career. 

Like Mr. Biden, Republican Utah Sen. Mitt Romney is a former party standard bearer. And like the president, his political career is coming to an end as a man they both opposed prepares to retake the White House, that “aberrant moment” Mr. Biden once described returning for an encore. 

“President Biden is a good and fine man,” Romney said. “But I think he badly misread the American public.” 

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Lawmakers brawl in Serbia parliament amid accusations over train station roof collapse that killed 15 people

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14 killed, dozens hurt in northern Serbia train station roof collapse


14 killed, dozens hurt in northern Serbia train station roof collapse

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Scuffles and fistfights between ruling party and opposition lawmakers broke out in Serbia’s parliament on Monday, weeks after a deadly rail station roof collapse that ignited tensions in the Balkan state.

The opposition wanted to discuss who is responsible for the crash that killed 15 people at the station in the northern city of Novi Sad on Nov. 1, while governing officials, who have a majority in Serbia’s legislature, sought to adopt a bill on next year’s state budget.

The opposition displayed a banner showing a red handprint reading “blood is on your hands,” while the ruling party responded with a banner accusing the opposition of wanting “war while Serbia wants to work.”

Serbia Parliament
Ruling party lawmakers, opposition members, and some ministers fight during a Serbia’s parliament session, which was scheduled to debate the 2025 budget, in Belgrade, Serbia, Monday, Nov. 25, 2024. 

/ AP


Scuffles erupted when the two sides tried to grab each other’s banner.

Serbia’s parliament speaker Ana Brnabic was quick to accuse the opposition of wanting to come to power by force with help from outside.

“There is not a hint, not a grain of doubt that these are people who are well organized, who were trained quite well, I believe paid well, to create chaos in Serbia and destabilize our country,” she said.

Serbia’s autocratic President Aleksandar Vucic said on Instagram that the “daily bullying” and “the savage behavior” of the opposition would not be tolerated.

Fight breaks out in Serbian parliament over deadly collapse of railway
A fight broke out between opposition and ruling party members in the Serbian National Assembly over the tragic accident at a train station in Novi Sad, which claimed the lives of 15 people, on November 25, 2024, in Belgrade, Serbia. 

Filip Stevanovic/Anadolu via Getty Images


“I want to reassure the citizens and tell them that we will respond to their rudeness, rudeness and arrogance with even more work in the future.” he said. “Today they tried to prevent pensioners from receiving their increased pensions, public sector employees from their increased salaries. They won’t succeed.”

Opposition leader Dragan Djilas said the speaker had “shut down” the parliament by “refusing to allow a debate on who’s responsible for the rail station tragedy.”

“She started with that when she refused to put on the agenda the request of more than 80 members of the opposition for a debate on confidence in the government because of the murder and crime in Novi Sad,” Djilas said.

The collapse of the concrete roof raised tensions across the Balkan county, fueling widespread anger toward the government and protests.

The BBC reported that more than 20,000 people took to its streets and squares during one demonstration – the biggest protest seen in the city for decades. Last week, prosecutors ordered the questioning of 11 people in connection with the disaster, the BBC reported.

Serbia’s former construction minister was among those arrested, according to the BBC. Goran Vesic resigned in the days following the collapse, but he denied any culpability.

“I cannot accept guilt for the deaths,” he said, “because I, and the people who work with me, have not an ounce of responsibility for the tragedy that occurred.”

Brawl erupts in the Serbian parliament in Belgrade
Opposition and the ruling coalition deputies brawl as tensions rose over Novi Sad’s fatal train station roof collapse, during a session in the Serbian parliament hall in Belgrade, Serbia, November 25, 2024.

Stringer / REUTERS


The rail station, a major hub, was recently renovated as part of a Serbian-Chinese partnership. Critics allege that corruption, poor oversight and inadequate construction work contributed to the tragedy.

The collapse became a flashpoint for broader dissatisfaction with Serbia’s authoritarian rule, reflecting growing public demands for transparency while the country undertakes large infrastructure projects, mostly with Chinese state companies.



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