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What are the cheapest ways to get out of debt? Here’s what experts say

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Male hand with hammer about to smash piggy bank to get at savings.
If you’re feeling overwhelmed by high-interest debt, these payoff strategies can help you tackle what you owe.

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If you’re carrying variable-interest debt on credit cards or other credit products, you’ve likely noticed an uptick in interest over the past few years. The Fed implemented a series of rate hikes throughout 2022 and 2023 to help fight inflation, which caused lenders to increase the rates on their credit products. For example, the average rate on U.S. credit card accounts went from 14.71% in 2020 to 21.47% by late 2023. 

To give you an idea of how that translates, if you have $5,000 in credit card debt and a 14% APR, you’ll owe about $58 in interest charges per month compared to about $87 per month with a 21% APR. And the cost difference compounds over time. If you’re paying off the balance through monthly payments of $150, the 21% APR will cost you an estimated $1,115 more in interest than the 14% APR and will require eight more payments. 

When coupled with elevated inflation rates, today’s higher interest rates are leaving many pinching pennies. “Inflation and elevated interest rates are the ‘double whammy’ making it harder for Americans to make ends meet,” says Dan Nickele, vice president of Discover Personal Loans.

Learn more about your debt relief options online today.

What are the cheapest ways to get out of debt? Here’s what experts say 

If you want help paying down your debt, particularly high-interest credit card debt, you can consider a variety of options, such as debt consolidation, debt relief plans or even bankruptcy. But which route is the most cost-effective? Here are six strategies experts recommend. 

Start with your budget

“The first step that the indebted consumer needs to take is to complete a frank and honest review of their budget,” says George Vogl, JD/MBA, managing director at Stretto and former bankruptcy and consumer rights attorney. 

To reduce your debt load, Vogl says, you need to eliminate and reduce unnecessary spending. For example, you might be able to cut down on expenses like cable TV, streaming services, dining out, gym memberships and grocery costs.

“To get out of debt, a consumer needs to identify their minimal reasonable standard of living and stick to it. Any discretionary income after necessities should be paid to their debts, with the highest interest debts being paid first,” Vogl says. 

Find out how a debt relief service could benefit you now.

Follow the avalanche method

Speaking of paying the highest debts first, the debt avalanche method is a popular and cost-effective way to pay down debt. 

“Snow avalanches start at the top and work their way to the bottom. The avalanche method of debt repayment follows a similar path, focusing on the interest rate each creditor is charging,” says Sean Fox, president of debt solutions at Achieve. 

To follow this method, Fox recommends the following steps:

  • Make a list of all of your debts
  • Rank them according to their interest rate, from highest to lowest 
  • Pay the monthly minimum balance on all debts and apply any extra money to the debt with the highest rate 
  • When that balance is paid off, move to the debt with the next highest rate
  • Continue this process until all your debts are paid off

Use windfalls to make lump sum payments

It can feel frustrating to slowly chip away at a high balance on a high-interest debt because the interest continues to accumulate so quickly. One way to make a bigger impact is to prioritize paying down your debt balance when you receive a cash windfall. 

“Research suggests that when people reduce debt, they generally pay a substantial amount of it at once, often from a tax refund or Economic Impact Payments during the pandemic,” says Scott Fulford, senior economist at the Consumer Financial Protection Bureau (CFPB) and author of The Pandemic Paradox. 

Negotiate with creditors

Another option is to try and negotiate with your creditors

“Organizing all your debts and evaluating the interest costs on each is the first step to planning your strategy. Once you know what you owe and to whom, you can start negotiating with debt companies on your balances,” advised Kates. 

“A study from LendingTree found that 76% of consumers who called their card issuers to ask for a lower rate were successful in getting it reduced so it’s worth a try,” Andrea Woroch, a consumer and money-saving expert, says.

The average reduction was 6%, which could help you get back to where rates were in 2020. 

If you don’t want to negotiate on your own, you can instead enlist the help of a debt relief company, but make sure to use a reputable service. 

“There are some that make every effort to improve an individual’s financial situation and have some success. There are others who do not and are only interested in their own revenue stream. In either event, debt consolidation will have an immediate negative impact on the consumer’s credit score,” says Vogl. 

Refinance or consolidate debt 

You may also be able to save by using a lower-cost credit product to refinance or consolidate your debt, either with the help of a debt consolidation program or by using a loan. 

“Collateralized loan options like using a home equity line of credit or mortgage refinance will have lower interest rates compared to personal loans for consolidating debt,” says Stephen Kates, CFP, principal financial analyst at Launch That. 

But while using a home equity loan to consolidate debt can be a smart move, tapping into your home’s equity can also be risky. 

“This comes with a huge caveat: The consumer must then use the proceeds to pay off the debt AND change their spending habits so they don’t end up in the same situation in a few years, only now with a higher or second mortgage,” warns Vogl.

If you don’t own a home or don’t want to tap into your equity, a personal loan is another viable option. The national average interest rate on a  24-month personal loan is 12.35%, much lower that the 21.47% average on credit cards. 

“A personal loan, especially one with no origination fee, can be used to consolidate multiple debts at a lower fixed rate,” says Nickele.

Take advantage of balance transfer promos

You can also consider transferring a credit card balance to another card that comes with a promotional 0% APR introductory period

“Some credit card companies may offer 0% interest cards for moving a debt balance but consumers should be wary of stretching their debt beyond the end of the 0% window,” says Kates.

Depending on the card and the offer, no-interest promotional periods can last almost two years, but if you still have a balance when yours ends, the normal APR will go into effect. In some cases, the higher APR is retroactive on any outstanding balance, which can be costly, so it’s important to read the fine print and plan accordingly. 

The bottom line

While these strategies can help you get out of debt, it’s important to understand why you got into debt in the first place so you can ensure it doesn’t happen again.

“Many people get into debt due to unforeseen circumstances such as medical issues, periods of unemployment, divorce, or death of a household member. More, however, get into the situation simply by overspending and overestimating their future ability to pay the accumulated debts,” says Vogl. 

Vogl says that when the latter is the case, the debt becomes a recurring problem every few years unless you change the underlying behavior. 



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Transcript: Sen. Mark Kelly on “Face the Nation with Margaret Brennan,” Oct. 6, 2024

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The following is a transcript of an interview with Sen. Mark Kelly, Democrat of Arizona, on “Face the Nation with Margaret Brennan” that aired on Oct. 6, 2024.


MARGARET BRENNAN: Joining us now is Arizona’s Democratic Senator, Mark Kelly. He’s in Detroit this morning on the campaign trail for the Harris campaign. Good morning to you, Senator.

SEN. MARK KELLY: Good morning, Margaret.

MARGARET BRENNAN: I want to talk to you about Arizona, but let’s start in Michigan, which is where you are right now. And it is going to be such a key state to a potential Harris or Trump victory. Vice President Harris is facing challenges among black men, working class people, as well as the Muslim and Arab populations skeptical of the White House support for Israel’s wars. What are you hearing on the ground there from voters?

SEN. KELLY: Well, my wife, Gabby Giffords, and I have been out here for a couple days. We’ve been campaigning across the country, Michigan, I’ve been in North Carolina, Georgia as well. I’ll be back to Arizona here soon. The vice president was out here speaking to Muslim organizations and the Arab community about what is at stake in this election and addressing the concerns that they have. What we’re hearing, issues about the economy, about gun violence, about, you know, supporting American families and the difference between Donald Trump and Kamala Harris. You know, Kamala Harris, who has a vision for the future of this country, Donald Trump, who just wants to drag us backwards.

MARGARET BRENNAN: Today in Dearborn, Michigan, there’s a funeral service for an American man who was killed in Lebanon by an Israeli airstrike. It just underscores how that community you’re talking about out in Michigan feel some of what’s happening in a personal way to their community. Given how close this race is, do you think this war and the expectation it could escalate could cost Democrats both a seat in the Senate and potentially the presidency?

SEN. KELLY: Margaret, nobody wants to see escalation and it’s tragic when any innocent person, whether it’s an American or Palestinian, lose their life in a conflict. Tomorrow’s one year since October 7th, when Israel was violently attacked. Israel has a right to defend itself, not only from Hamas, but from Hezbollah and from the Iranians. But, you know, I and my wife, you know, we feel for the community here who’s been affected by this. And that’s why the vice president was out here earlier, a few days ago, meeting with that community. 

MARGARET BRENNAN: But it’s a live issue.

SEN. KELLY: Yeah, sure. I mean, there is an ongoing conflict in the Middle East. Israel is, you know, fighting a war now on, I think it’s fair to say, two fronts and then being attacked by the Iranians as well. And, they- they need to defend themselves, and we need to support our Israeli ally. At the same time, when women and children lose their life, innocent people in a conflict, it is- it is tragic.

MARGARET BRENNAN: You do sit on the Senate Intelligence Committee and so I know you know how intense the efforts are by foreign actors to try to manipulate voters going into November. Just this Friday, Matthew Olsen, the lead on election threats at the Department of Justice, told CBS the Russians are, quote, highlighting immigration as a wedge issue. That is such a key issue in Arizona. Are you seeing targeted information operations really focusing in on Arizonans right now?

SEN. KELLY: Not only in Arizona, in other battleground states. It’s the Russians, the Chinese, the Iranians, and it’s significant. And we need to do a better job getting the message out to the American people that there is a huge amount of misinformation. If you’re looking at stuff on Twitter, on TikTok, on Facebook, on Instagram, and it’s political in nature, and you may- might think that that person responding to that political article or who made that meme up is an American. It could be- it could look like a U.S. service member. There is a very reasonable chance I would put it in the 20 to 30% range, that the content you are seeing, the comments you are seeing, are coming from one of those three countries: Russia, Iran, China. We had a hearing recently, with the FBI director, the DNI, and the head of the National Security Agency. And we talked about this. And we talked about getting the word out. And it’s up to us, so thank you for asking me the question, because it’s up to us, the people who serve in Congress and the White House to get the information out there, that there is a tremendous amount of misinformation in this election, and it’s not going to stop on November 5th.

MARGARET BRENNAN: Understood. And we will do our best to help parse that for viewers. But on the topic of the border, President Biden did announce just this past week new regulations to keep in place that partial asylum ban that he rolled out back in June. That’s what’s credited with helping to bring down some of the border crossing numbers in recent weeks. It was supposed to be a temporary policy, dependent on how many people were crossing at a time. Do you think this is the right long term policy, or is this just a gimmick to bring down numbers ahead of the election?

SEN. KELLY: Well, the right long term policy is to do this through legislation. And we were a day or two away from doing that, passing strong border security legislation supported by the vice president, negotiated by the vice president, and the president and his Department of Homeland Security, with Democrats and Republicans– 

MARGARET BRENNAN: But this is not legislation. 

SEN. KELLY: –This is bipartisan. This isn’t. But the legislation was killed by Donald Trump. We were really close to getting it passed. That’s the correct way to do this. When you can’t do that, Margaret, when a former president interrupts the legislative process the way he did, which is the most hypocritical thing I’ve ever seen in my three and a half years in the Senate. After that happened, the only other option is executive actions. And this has gone from what was chaos and a crisis at our southern border to somewhat manageable. And if you’re the border- Border Patrol, you know, this is this- you need this. I mean, otherwise it is unsafe for Border Patrol agents, for CBP officers, for migrants, for communities in southern Arizona. So it’s unfortunate that this was the- these were the steps that had to be taken. 

MARGARET BRENNAN: Okay.

SEN. KELLY: But that’s because the former president didn’t allow us to do this through legislation. 

MARGARET BRENNAN: Senator, we have to leave it right there. Face the Nation will be right back.



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Transcript: House Intelligence Committee chairman Rep. Mike Turner on “Face the Nation with Margaret Brennan,” Oct. 6, 2024

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The following is a transcript of an interview with House Intelligence Committee chairman Rep. Mike Turner, Republican of Ohio, on “Face the Nation with Margaret Brennan” that aired on Oct. 6, 2024.


MARGARET BRENNAN: We turn now to the Chairman of the House Intelligence Committee Ohio Republican, Mike Turner. Good to have you back with us. 

REP. MIKE TURNER: Thank you for having me on, Margaret.  

MARGARET BRENNAN: I want to get to the Middle East, but first on this issue of concern regarding political violence. Would you agree that language like what we just heard there is unhelpful? 

REP. TURNER: Well, I think it certainly characterizes the reality that Donald Trump has had two attempts on his life. And I do think that there is work that needs to be done, both by the administration and by Vice President Harris. The administration has come out and publicly stated- Matt Olsen from the Department of Justice on CBS News acknowledged that there is an active, ongoing threat from Iran to kill, actively plotting, to kill Donald Trump. You’ve had no statements from the administration towards Iran as to what that would be, which would be an act of war, and you don’t have any statement from Vice President Harris condemning this or even recognizing that there’s an active plot from a foreign nation to kill her opponent. I think there’s certainly a role for her to play and for the President to play in this, in both identifying that there are threats against Donald Trump that need to be acknowledged and responded to, to deter. I think all the candidates need to de-escalate, certainly in their language. 

MARGARET BRENNAN: But it is the Biden-Harris Justice Department, Matt Olsen works for them, who laid out those charges about the Iranian state. You don’t mean to imply here anything that would suggest Eric Trump’s allegations that Democrats are trying to kill him?

REP. TURNER: No, of course not. But I do think that Vice President Harris needs to actively state and acknowledge that her administration is saying a foreign power, which would be an act of war, is actively trying to kill her opponent. They have- this administration has made stronger statements– 

MARGARET BRENNAN: — okay, that’s different– 

REP. TURNER:– about Iran’s hacking activities than they have about the active plot to kill Donald Trump, which the administration acknowledges ongoing.

MARGARET BRENNAN: Well, because of the concern in regard to anti-government violence in this country and domestic violent extremists, the language specific to who is carrying this out, I think you would agree is important. 

REP. TURNER: I absolutely agree that there needs to be a toning down of rhetoric on both sides, but there has to be an acknowledgement, which has not happened, from Vice President Harris that there’s active plots from a foreign nation to kill her opponent. 

MARGARET BRENNAN: Do you want the FBI to release the results of its investigations prior to November 5, as Senator Rubio on Senate Intelligence has called for? 

REP. TURNER: Its investigations into the assassination attempt?

MARGARET BRENNAN: The two assassination attempts at this point, which are not substantiated to have any ties to the state of Iran or to political actors at this time. 

REP. TURNER: Well actually, it really can’t be said that they’re- saying that there have been no substantiated ties doesn’t mean that the investigation has concluded that there are no ties. And I want those investigations to- to come to a conclusion and determine whether or not either of these plots have any nexus or connection to the active plot the administration is saying that Iran is- is plotting in attempting to kill Donald Trump. Which, again, this administration needs to make clear to Iran that would be an act of war, and needs to have a very strong response from the administration 

MARGARET BRENNAN: Well, before the investigation is concluded, because it may not wind up before November the fifth, would you like the FBI to make public some of its findings, to rule out some of the conspiracy theories like we just heard from that stage that the political opposition is responsible? 

REP. TURNER: I don’t think they’d be able to do that. 

MARGARET BRENNAN: You don’t think they would be able to? 

REP. TURNER: I think they need to conclude and they need to get to truth. I don’t think they would be able to get to a point to release information that would conclusively indicate that either of those individuals acted completely alone. 

MARGARET BRENNAN: I want to turn to the Middle East. You’ve already taken us there and talking about Iran specifically, but where we are right now is nearly exactly a year from that terrorist attack on October the seventh. You called that a huge intelligence failure from the Israelis when it happened. Given all that has happened in recent weeks, I wonder what you assess about Israeli intelligence now. 

REP. TURNER: Well, the United States is working cooperatively with- with Israel in ways that we were not necessarily working prior to October 7 and- and I do think that- that Israel has changed its focus in its intelligence collecting and its assessments of its- of its intelligence. I mean, they certainly have risen to the occasion to understand that they’re in an active conflict and looking to ways- and to diminish the capabilities of their adversaries.

MARGARET BRENNAN: That nearest adversary at the moment appears to be the government of Iran. What should the 40,000 US troops that President Biden has deployed to the region be bracing for? Are you concerned that the United States will get drawn into this conflict if Israel carries out strikes on Iran. 

REP. TURNER: Right, so this is another area where the administration has not risen to the occasion. President Biden said that the nuclear program of Iran is off the table. It should not be a valid military target by Israel and, or, the United States– 

MARGARET BRENNAN:– Do you think it should be?– 

REP. TURNER: — Absolutely. In fact, the President himself, President Biden, has previously said that the United States would not allow Iran to get a nuclear weapon, and that he would use military action if necessary. His own Secretary of State has said, more than two weeks ago that Iran’s breakout time to become a nuclear state was two weeks. So you have Iran now actively– 

MARGARET BRENNAN: But it’s still not weaponizing. US intelligence has not said Iran has made the decision– 

REP. TURNER: — They have not publicly stated the- the current status of the program, other than what Blinken has said that the breakout time was- was two weeks. The- looking to proportionality, where Biden says that Israel can only respond in proportion, is as if this administration says Iran can send 200 missiles into Israel, and as long as we have missile defense that takes them out, we won’t look at Iran’s provocation there trying to kill and destroy individuals and towns in Israel. That should be the response. The understanding should be that Iran has moved beyond their proxies, Hamas, Hezbollah and Houthis to have direct attacks to Israel, and Israel needs to be able to defend itself, and Iran needs to pay a price. 

MARGARET BRENNAN: Well, the CENTCOM commander is currently in Israel, helping to advise some of the Israeli military. But just to be clear, the United States really only has the equipment that could take out the kind of underground facilities that are essential to the Iranian nuclear program. Are you advocating for the United States to be involved in offensive action? 

REP. TURNER: I believe it’s completely irresponsible for the President to say that it is off the table when he’s previously said it’s on the table. For him to give Iran the comfort that their actions of attacking directly, Iran, will not have any consequences for their nuclear weapons program is irresponsible.

MARGARET BRENNAN: So not a yes or a no. But- but I want to ask you about something that’s happening in your district, because you have a vested interest in what’s happening in Springfield, Ohio. This is the town that’s gotten so much attention in the past few weeks because the Haitian migrant population there. Going all the way back to February, you’ve been sending letters asking for federal help. You’ve brought some of the local officials here to Washington to advocate how to deal with the strain of the population growth. Have you gotten the federal help you’ve asked for- for Springfield, Ohio?

REP. TURNER: No. You know, Mayor Rue has done an excellent job in Springfield, both in advocating and in trying to pull the community together. He’s come here. We’ve taken him to the federal agencies that have the type of funding that should be released for what is a federally created problem. The Biden administration, through expanding the parole program, I believe illegally, brought 500,000 people here from Cuba, Venezuela, Haiti and others. And 15,000 to 20,000 people settled in Springfield, Ohio. But then the administration did something even more shocking last week. They indicated that they were not going to extend, but the temporary protected status that these individuals have, which could result in their going into an illegal status, and Springfield would have, these individuals would not have, in any direct federal support, and the community would get no additional assistance as to how to handle this almost 10% of the population of the of the city that now would fall into an illegal status as a result of the administration terminating their protected status. 

MARGARET BRENNAN: Which may happen in the coming year, so this could be an issue for the next president, whoever that President is. Congressman, thank you for explaining. Face the Nation will be back in a minute. Stay with us.



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Christopher Ciccone, artist and Madonna’s younger brother, dies at 63

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Christopher Ciccone, an artist and former dancer who was also singer Madonna’s younger brother, has died, his rep Brad Taylor confirmed to CBS News. He was 63.

He died from cancer on Oct. 4, surrounded by his husband, Ray Thacker, Taylor said in a statement.

Born on Nov. 22, 1960, in Pontiac, Michigan, Ciccone was an artist, interior decorator and designer, who began his career as a dancer. He joined the Le Group de La Palace Royale in Ottawa in 1980 before moving to New York two years later to support his older sister’s music career as a backup dancer.

LS.GlobeParty.3.0119.GF.b Madonna, winner of Golden Globe for Best Actress in Motion Picture Musical
Madonna, winner of the Golden Globe for Best Actress in Motion Picture Musical or Comedy with her brother Christopher Ciccone at the Disney party following the awards ceremony.

Gary Friedman/Los Angeles Times via Getty Images


As Madonna’s career grew, Ciccone became more involved — serving as the art director on his sister’s Blond Ambition World Tour in 1990 and as the tour director for her The Girlie Show in 1993. He also directed music videos for megastars Dolly Parton and Tony Bennett in the 1990s.

His role expanded away from music when Ciccone took on the role of interior designer within the homes his sister owned and occupied in New York, Miami, and Los Angeles.

In 2012, Ciccone released his own shoe line, The Ciccone Collection, at London Fashion Week.

He told CBS News at the time that his goal is to make the brand “accessible to everybody” and not too pricey.

“The great thing about doing shoes is that potentially everyone could have a pair. When you’re doing art, there’s only one,” Ciccone said

Ciccone, who was openly gay, claimed that his sister outed him during her 1991 interview with The Advocate.

gettyimages-157177546.jpg
Christopher Ciccone attends OUT Magazine and Buick’s celebration of The OUT100 on November 29, 2012, in New York City.

Mike Coppola/Getty Images for OUT Magazine


Ciccone released a tell-all autobiography called “Life With My Sister Madonna,” leading to reports that the two had been estranged, but Ciccone told CBS News in 2012 that he was glad he wrote the book. 

“I don’t regret any of that,” he said. “I think because of that it sort of led me to this. It gave people an opportunity to think of me as a creative person, as an artist and not just as Madonna’s brother, which is a tag I’m going to wear forever,” Ciccone said in 2012. “But I’m hopeful that at some point it will be Christopher Ciccone first. It’s cool…I’m perfectly happy being what I am.”

The two eventually made up.

“Our relationship is fine as far as I’m concerned,” he told CBS News.

Ciccone and Thacker — a British-born actor — married in 2016.

Ciccone’s death comes fewer than two weeks after the death of his and Madonna’s stepmother, Joan Clare Ciccone, from cancer. His eldest brother Anthony died in 2023.



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