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UnitedHealthcare CEO shooting considered targeted attack, police say

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UnitedHealthcare CEO shooting considered targeted attack, police say – CBS News


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Warning, some images and information could be disturbing. UnitedHealthcare CEO Brian Thompson was shot and killed in New York City on Wednesday, in what police are calling a targetted attack. CBS News’ Meg Oliver and Anna Schecter have more on the suspect and the investigation.

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What are the fastest ways to get rid of $5,000 in credit card debt?

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A credit card balance of $5,000 (or more) can be tough to tackle, but specific strategies can help expedite the payoff process.

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Credit card debt has reached unprecedented levels in the United States, with Americans owing a staggering $1.17 trillion on their credit cards as of the third quarter of 2024. That amounts to the average cardholder carrying about $8,000 in credit card debt at a time when credit card interest rates are surpassing 23%, on average. These trends, combined with increasing credit card payment delinquencies and more people maxing out their credit cards, paint a challenging financial picture right now. 

With today’s high interest rates, if you’re making just the minimum payments on your credit cards, it can take years to chip away at your balance. Carrying a balance for too long can significantly inflate the amount you owe due to compound interest, making it even harder to catch up. So, if you’re grappling with a significant amount of credit card debt — let’s say $5,000 (or more) — it’s important to act quickly to try and minimize interest costs and regain control of your finances.

Fortunately, there are strategies designed to tackle this kind of debt efficiently. By leveraging these techniques, you can stop your debt from growing and pay it off before the compound interest charges cause it to become a burden that’s too heavy to carry.

Find out what credit card debt relief options are available to you now.

What are the fastest ways to get rid of $5,000 in credit card debt?

If you’re facing this type of hefty credit card balance, explore these ways to get rid of what you owe quickly:

Execute a balance transfer strategy

One of the fastest ways to get ahead of credit card debt is through a balance transfer to a card offering a 0% introductory APR period. Many cards offer promotional periods ranging from 12 to 21 months, during which no interest accrues on transferred balances, allowing you to make payments directly toward the principal. For example, transferring $5,000 to a balance transfer card with a 0% APR and paying about $417 a month would eliminate the debt in a year (assuming no balance transfer fee).

To maximize this strategy, ensure you can pay off the full balance before the promotional period ends, as standard rates will kick in after. You should also note that many of these cards have balance transfer fees that range from 3% to 5% of the transferred amount, so it’s important to factor that into your calculations. That said, the savings on interest typically outweigh the transfer fees, especially with today’s high rates, so even if the balance transfer fee is on the higher end of the range, chances are that you’ll benefit from taking this route.

Get rid of your high-rate card debt today.

Pursue a debt consolidation loan 

Debt consolidation offers another way to streamline and accelerate repayment. With this option, you take out a new loan at a lower interest rate than your credit card’s rate — with rates on these types of loans typically ranging from 6% to 15% or more, depending on the type of loan you use and your credit score. You use the loan to pay off your $5,000 in credit card debt, replacing multiple high-interest payments with a single, more affordable one. This approach provides a clear path to debt freedom with a fixed end date and potentially saves hundreds in interest charges.

For example, if you secure a 3-year consolidation loan with an 8% interest rate, your monthly payment would be slightly over $156 per month, and you’d save hundreds in interest compared to paying 23% on your credit card. But even if your 3-year loan rate is higher at 12%, you would pay a little over $166 per month — which is still a significant reduction in the interest charges. 

Implement the debt avalanche method

For those who prefer a more traditional repayment approach, the debt avalanche method offers a mathematical strategy for rapid debt elimination. With this approach, you make minimum payments on all your credit card debts while directing any extra funds toward the highest-rate card first. 

With $5,000 spread across multiple cards, you initially focus on the card with the highest APR. For example, if you can allocate $500 monthly toward debt repayment and your highest-rate card charges 24.99% APR, directing most funds there while maintaining minimum payments on other cards maximizes interest savings and accelerates overall debt elimination.

Negotiate lower rates with creditors

Many credit card issuers are willing to lower interest rates for customers who are facing temporary hardships that impact their ability to stay current on payments. While the results can vary based on a range of factors, a successful negotiation could reduce your APR by several percentage points or even secure a temporary 0% rate. 

On a $5,000 balance, reducing your APR from 23% to 12% could save you hundreds in interest charges over a one-year payoff period. So, while this strategy requires persistence and may not always succeed, it’s typically worth pursuing as part of a comprehensive debt elimination plan.

The bottom line

Eliminating $5,000 in credit card debt quickly is an achievable goal — but it’s easier to do with the right strategy in place. By leveraging tools like balance transfer cards or debt consolidation loans, or by negotiating with your creditors, you can reduce the time and cost of repayment. Whatever route you take, though, remember that staying consistent and remaining committed to the strategy will help you get one step closer to financial freedom.



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Tulsi Gabbard says she stands in full support with Trump on Syria developments

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Tulsi Gabbard says she stands in full support with Trump on Syria developments – CBS News


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The fall of the Assad regime in Syria has put Tulsi Gabbard’s history with the country in the spotlight as she works to garner support as President-elect Donald Trump’s pick for director of national intelligence. CBS News political reporter Libby Cathey has more on Gabbard and the rest of Trump’s administration picks.

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What we know about arrest of Luigi Mangione, suspect in the murder of UnitedHealthcare CEO

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What we know about arrest of Luigi Mangione, suspect in the murder of UnitedHealthcare CEO – CBS News


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Luigi Mangione is facing murder charges in New York for last week’s killing of UnitedHealthcare CEO Brian Thompson. CBS News’ Anna Schecter reports on the arrest of Mangione in Pennsylvania that followed a multistate manhunt.

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