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5 big signs that it’s time to consider debt relief
Managing your finances can be challenging, and at times, you may find yourself trapped in a cycle of debt that seems insurmountable. And, that can be true for even the most fiscally responsible people. After all, depending on your overall financial picture, it can only take one bad decision, one major impulse purchase or one unexpected bill to cause issues with your finances.
And, it’s especially easy to face issues with money if you’re regularly using credit cards to finance your purchases. Considering that the average interest rate on credit cards currently surpasses 21% — and retail cards can easily have rates close to 30% — the interest charges can add up quickly. That, in turn, can make it tough to pay off what you owe.
But if you’re struggling to stay afloat amidst mounting bills and have creditors knocking at your door, it might be time to consider debt relief. Recognizing the signs that indicate a need for financial intervention is crucial to regaining control of your financial well-being. Here are five signs that suggest you should consider seeking debt relief.
Find out more about your debt relief options here.
5 big signs that it’s time to consider debt relief
If you’re wondering whether it’s time to take advantage of what debt relief can offer, these signs are a good indicator that you should:
Your credit card balances are overwhelming
High interest rates on credit cards can make it challenging to make a dent in your principal balance, leading to a perpetual struggle to keep up with payments. One of the most common red flags indicating a need for debt relief is overwhelming balances on your credit cards. If you find that you’re consistently making only minimum payments and the balance doesn’t seem to decrease significantly, it’s a clear sign that you’re stuck in a debt cycle.
If you’re facing this issue, you may want to consider exploring debt relief options like debt settlement or debt consolidation or negotiation to lower interest rates and create a more manageable repayment plan. This can help you consolidate multiple high-interest debts into a single, more affordable payment, making it easier to tackle your outstanding balances.
Explore your debt relief options online here.
You’re getting persistent calls from creditors
If your phone is constantly ringing with calls from creditors or collection agencies, it’s a clear indication that your financial situation is in jeopardy. Ignoring these calls won’t make the problem disappear; in fact, it may worsen as creditors become more aggressive in their collection efforts. That type of constant harassment from creditors can lead to added stress and anxiety, making it essential to address the root of the problem.
But seeking professional debt relief assistance can help alleviate the pressure from creditors. Debt management plans or debt settlement programs can provide a structured approach to resolving outstanding balances, reducing the likelihood of continued harassment.
You’re struggling to make minimum payments
If you find yourself juggling bills each month and are barely able to make minimum payments on your debts, it’s a sign that your financial situation needs attention. Missing or making late payments can result in additional fees, higher interest rates and a negative impact on your credit score. And, those types of continuous struggles to meet minimum payments could also lead to a downward spiral of debt that becomes increasingly difficult to escape.
Debt relief solutions, such as debt settlement or negotiation with creditors, may be viable options. These approaches involve working with creditors to reduce the overall amount owed, making it more feasible to pay off your debts and regain financial stability.
You’re regularly dipping into your savings to pay bills
Using your savings to cover everyday expenses or pay off debts is a warning sign that your financial situation is unsustainable. While dipping into savings occasionally may be necessary, consistently relying on this method indicates a deeper issue that needs attention. Exhausting your emergency fund to stay afloat can leave you vulnerable to unexpected expenses, putting you at greater risk of falling further into debt.
Considering debt relief options, such as debt counseling or consolidation, can help you create a realistic budget and repayment plan. These strategies aim to provide a sustainable path toward financial recovery, allowing you to rebuild your savings and regain control over your financial future.
You’re feeling overwhelmed or stressed
The emotional toll of financial distress should not be underestimated. If you find yourself constantly stressed, anxious or overwhelmed by your financial situation, it’s probably time to seek help. After all, persistent financial stress can impact your overall well-being, relationships and even your job performance.
Debt relief options often include financial counseling, which can provide guidance on budgeting, managing debt and establishing healthy financial habits. Addressing the emotional aspects of debt and developing a plan for the future can contribute significantly to your overall peace of mind.
The bottom line
Recognizing the signs that indicate a need for debt relief is the first step toward regaining control of your financial situation. Whether it’s overwhelming credit card balances, struggling to make minimum payments, persistent calls from creditors, dipping into savings or feeling overwhelmed and stressed, seeking professional assistance can make a significant difference. Remember, there’s no shame in seeking help, and taking proactive steps toward debt relief can pave the way for a brighter financial future.
CBS News
Missing hiker found alive after surviving more than 6 weeks in remote Canada wilderness
A hiker was found alive this week in the remote wilderness of northwestern Canada, where he had been lost for more than six weeks, authorities said.
Sam Benastick was initially reported missing on Oct. 19 after failing to return from a backcountry trip in Redfern-Kiely Provincial Park, an isolated landscape known for its alpine tundra and stark mountainscape in the northern Rockies of British Columbia. Two men spotted Benastick Tuesday on their way to the park’s Redfern Lake trail for work, according to the Royal Canadian Mounted Police. Recognizing him as the missing hiker, they took Benastick to a hospital.
Benastick told police he had stayed in his car for a couple of days at the start of his backcountry trip, before walking to a mountainside creek and camping there for 10 or 15 days, the RCMP said. At that point, the hiker said he moved to a different location farther down into the valley and a built a camp and shelter in a dried-out creek bed. Eventually, Benastick found his way to the road where he encountered the Redfern Lake trail employees, well over six weeks after he first set out on his journey.
“Finding Sam alive is the absolute best outcome. After all the time he was missing, it was feared that this was would not be the outcome,” said Corporal Madonna Saunderson, a spokesperson for the RCMP in British Columbia, in a statement.
Benastick, 20, survived extraordinarily harsh conditions. When he was found, the hiker was using two walking sticks to support himself and had cut his sleeping back to wrap the fabric around his legs for warmth, the Canadian broadcaster CBC News reported. Temperatures in the park were frigid while he was missing, at times dropping to -20 degrees Celsius, or -4 degrees Fahrenheit, according to BBC News, a CBS News partner.
“Those are very difficult conditions for really anyone to survive in, especially [with] limited supplies and equipment and food,” Prince George Search and Rescue search manager Adam Hawkins told the BBC.
Mike Reid, the general manager of the inn near Redfern-Kiely Provincial Park where Benastick’s family stayed as search efforts got underway in October, told CBC News that Benastick was in “rough shape” Tuesday. But he is expected to recover.
Authorities initiated a massive search for Benastick when the missing person report for him was filed, but that search was called off at the end of October, BBC News reported. Police said they intend to gather more information about what happened to the hiker and why he remained missing for so long once Benastick’s health has improved.
CBS News
The foods chefs urge people to try during Native American Heritage Month (and beyond)
The United States is known as a great melting of people, food and culture. In major cities across the country like New York, Chicago and Los Angeles, people can find nearly any cuisine that fits their heart’s desire.
However, as Chef Sean Sherman of the Oglala Lakota Tribe has pointed out in the past, these cities have few – if any – restaurants focused on Indigenous cuisines from the more than 570 recognized American Indian tribes and Alaska Native entities. Each of these tribes has their own distinct food traditions.
Eateries like Watecha Bowl, Tocabe: An American Indian Eatery, and Owamni aim to change that by reviving or paying homage to the centuries-old techniques and flavors passed down through generations.
“We all are on the same mission of food sovereignty,” Watecha Bowl owner and entrepreneur Lawrence West told CBS News. “And introducing the world to Native American food.”
West is a member of the Cheyenne River Sioux Tribe.
“The things that I cook and the way that I prepare food is very important because it only represents a certain heritage of people,” he said.
Restaurant options around the country
West’s restaurant Watecha Bowl is a fast-food eatery in Sioux Falls, South Dakota that serves food and flavors from the Lakota Nation.
“I’ve had the privilege of feeding people from all over the world,” West said. “I’ve fed people from all 50 states.”
One of the things his restaurant is doing this year giving out an Indian taco in exchange for a toy that will be donated to local Native American kids in foster care, according to the Facebook page with 30,000 followers.
Tocabe: An American Indian Eatery is a fast-casual restaurant that serves build-your-own Native American food in Denver, Colorado. Its goal is to “rebuild the original American food system.”
Co-founder and President Ben Jacobs, told CBS News that he wants to make his cuisine accessible to everyone while offering a space for Native community members to feel at home. He is a tribal member of the Osage Nation of northeast Oklahoma.
He said he was inspired to open the eatery because Native food did not seem to have a place in the culinary industry in 2008 when it opened. More than 16 years later, Tocabe’s food still shares stories of community, culture and identity.
In Minneapolis, Minnesota, Chef Sean Sherman’s restaurant Owammni aims to “decolonize” the dining experience by purchasing ingredients from Indigenous food producers that would have been found in North America before European colonization.
“It’s unfortunate that this restaurant is unique. Part of the goal is, how do we normalize something that’s healthy and Indigenous? We’re showing a model that’s possible,” Sherman wrote in a recent blog post on the restaurant’s website.
What are the essential dishes to try?
According to West, wojapi is a must-have. The thick berry sauce is one of the most traditional foods of the American plains. It can be used as a dip, on frybread, meat or even as is.
Next is bison, particularly chislic, invented in South Dakota. Third is wild rice with maple syrup.
Frybread is one of the most popular Native American foods. But West said this was embraced out of necessity when the U.S. government forced assimilation with stipends during the land grab and the Trail of Tears.
Jacobs emphasizes, though, that ingredients found in local grocery stores like corn, beans, squash, tomatoes, potatoes, peppers and chillies originate “right here” in America. Those are Native foods, too. He said he hopes all Americans should understand where our food comes from and appreciate the story behind it.
The Tacobe Indigenous Marketplace offers common, or not-so-common, ingredients, but they are sourced from Native producers on tribal lands.
A history of food
Native American food is not mainstream for a variety of reasons.
Sherman pointed to the idea of “manifest destiny,” or the 19th-century belief that the U.S. was “destined” by God to expand across North America to spread democracy and capitalism.
West and Sherman also pointed to “forced assimilation,” or the U.S. government’s aim to make Native people adopt the customs, values and behaviors of the dominant culture. Laws like The Indian Removal Act of 1830, The Homestead Act of 1862, The Dawes Act of 1887 and others helped make this happen.
According to Britannica, The Trail of Tears refers to the forced relocation of Native people in the Southeastern U.S. during the 1830s. Tribal military records estimate that around 100,000 indigenous people were forcibly removed from their homes.
Policies like these disrupted Native food systems, leading to food insecurity and poor health outcomes, according to the Center on Budget and Policy Priorities (CBPP).
The CBPP said the U.S. has made treaties with tribes since the 1700s, promising to provide Indigenous people with rations, giving them food like lard, wheat and flour, which were often unhealthy.
According to the 2023 U.S. Census data, around 1.3% of Americans identify as American Indian or Native American.
Jacobs said after centuries of the American government deconstructing Native food systems, “we’re trying to rebuild.”
“I think we’re at a point now that we can control our food again, which means we can control our future,” he said.
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11/28: CBS Mornings Plus – CBS News
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