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Behind on credit card payments? Here are 6 solutions to consider.

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If you’re behind on your credit card bills, there are options to get back on track with what you owe.

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In the current economic landscape, many people are grappling with major financial challenges. For starters, inflation, which currently stands at 3.4%, has been a persistent burden over the last couple of years, prompting the Federal Reserve to implement a series of rate hikes and strategic pauses. These actions have resulted in the benchmark rate being paused at a multi-decade high, consequently driving average credit card rates above 21%.

This financial strain has led to more people relying on credit cards to make ends meet, resulting in about 20% of credit card accounts now being maxed out. It has also led to an unfortunate uptick in delinquent credit card accounts. Failing to meet credit card obligations can have far-reaching consequences, including damage to your credit score, potential legal actions and long-term financial repercussions. So, if you’re facing those difficulties, it’s crucial that you proactively explore your potential solutions for getting back on track.

Find out how the best debt relief companies can help you pay off what you owe.

6 solutions to consider if you’re behind on credit card payments

If you’re falling behind on your credit card payments, the following options may make sense to solve it: 

Credit card hardship programs

Many credit card issuers offer hardship programs designed to provide temporary relief to cardholders who are facing financial hardship. These programs may reduce your interest rate, waive certain fees or offer adjusted payment plans that are tailored to your circumstances. It’s worth noting, though, that these programs only offer relief for a limited period, which is typically between six to 12 months. And, to qualify, you’ll need to explain and document your financial hardship.

  • Pros: Hardship programs can provide immediate relief and prevent further damage to your credit score.
  • Cons: Eligibility criteria may vary, and the relief is typically temporary.

Explore your best debt relief options online now.

Debt management programs

Debt management programs, which are typically offered by debt relief companies or servicers, typically work to negotiate lower interest rates or better terms on your credit cards, simplifying the repayment process. With these plans, you make one consolidated payment to the debt management program, which then disperses the money to your creditors after having fees and interest rates reduced. 

  • Pros: Lower interest rates and a structured repayment plan can make debt more manageable.
  • Cons: Enrollment fees may apply, and the program may impact your credit score initially.

Debt forgiveness programs

Debt forgiveness programs, also known as debt settlement programs, are programs offered by debt relief servicers. With these programs, the debt relief experts negotiate with your creditors to accept a lump-sum payment that is lower than your outstanding balance, effectively forgiving a portion of the debt. For example, this type of debt relief program might result in you paying 50% of a $10,000 credit card balance, or $5,000, as your settlement. 

  • Pros: These programs have the potential to result in significant debt reduction.
  • Cons: Debt forgiveness is considered taxable income, and your credit score may be severely impacted.

Bankruptcy

Filing for bankruptcy is another option to consider if you’re behind on your credit card payments, but it should generally be considered a last resort option. When you file for bankruptcy, you’re initiating a legal process to eliminate or reorganize debts, providing a fresh start, but with severe consequences for your credit and future borrowing opportunities. 

  • Pros: Bankruptcy can result in the discharge of eligible debts and an automatic stay on collection efforts.
  • Cons: It has a significant negative impact on credit score, potential loss of assets and long-term financial implications.

Debt snowball or debt avalanche

You can also use methods like debt snowballing or debt avalanching to keep you on track to pay off what you owe. For example, using the debt snowball method involves listing out all your credit card balances from smallest to largest. You pay the minimum on all balances except the smallest, which you attack with your highest possible payment. Once the smallest balance is paid off, you “snowball” that payment amount onto the next smallest balance until it’s paid off, and so on.

The debt avalanche is similar but you list balances from highest interest rate to lowest. You pay minimums on everything except the highest interest balance, focusing all extra payments there to eliminate that costliest debt first.

  • Pros: This option is free and is a smart way to reset your approach to your finances (and your debt).
  • Cons: It doesn’t offer any relief from interest charges or fees; it simply gives you a structured route for paying off what you owe.

Increase your income

You can also look for ways to generate supplemental income on top of your regular job — whether that’s a second part-time job, freelancing, gig work, selling items online or something else entirely. If you do this, any extra money earned should be put directly toward paying off credit card balances faster by making larger payments each month. This can accelerate your debt payoff without cutting expenses.

  • Pros: The extra income can expedite the repayment process and reduce the total interest you pay on your debts.
  • Cons: This option won’t be feasible for everyone, as it requires extra time that may not be available in all cases.

The bottom line

Dealing with credit card debt takes diligence and commitment, but there are many potential solutions available depending on your financial circumstances. The key to pulling it off, though, is choosing an approach that is manageable with your unique circumstances while also getting you on track to becoming debt-free. 



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In praise of Seattle-style teriyaki

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In praise of Seattle-style teriyaki – CBS News


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Seattle has more teriyaki shops per capita than any other metropolis in America. Correspondent Luke Burbank talks with the man whose 1976 restaurant, Toshi’s Teriyaki Grill, began it all.

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Gazan chefs cook up hope and humanity for online audience

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Renad Atallah is an unlikely internet sensation: a 10-year-old chef, with a repertoire of simple recipes, cooking in war-torn Gaza. She has nearly a million followers on Instagram, who’ve witnessed her delight as she unpacks parcels of food aid.

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Ten-year-old Renad Atallah posts videos of herself cooking in war-torn Gaza.

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We interviewed Renad via satellite, though we were just 50 miles away, in Tel Aviv. [Israel doesn’t allow outside journalists into Gaza, except on brief trips with the country’s military.]

“There are a lot of dishes I’d like to cook, but the ingredients aren’t available in the market,” Renad told us. “Milk used to be easy to buy, but now it’s become very expensive.”

I asked, “How does it feel when so many people like your internet videos?”

“All the comments were positive,” she said. “When I’m feeling tired or sad and I want something to cheer me up, I read the comments.”

We sent a local camera crew to Renad’s home as she made Ful, a traditional Middle Eastern bean stew. Her older sister Noorhan says they never expected the videos to go viral. “Amazing food,” Noorhan said, who added that her sibling made her “very surprised!”

After more than a year of war, the Gaza Strip lies in ruins. Nearly everyone has been displaced from their homes. The United Nations says close to two million people are experiencing critical levels of hunger.

Hamada Shaqoura is another chef showing the outside world how Gazans are getting by, relying on food from aid packages, and cooking with a single gas burner in a tent.

Shaqoura also volunteers with the charity Watermelon Relief, which makes sweet treats for Gaza’s children.

In his videos online, Shaqoura always appears very serious. Asked why, he replied, “The situation does not call for smiling. What you see on screen will never show you how hard life is here.”

Before dawn one recent morning in Israel, we watched the UN’s World Food Program load nearly two dozen trucks with flour, headed across the border. The problem is not a lack of food; the problem is getting the food into the Gaza Strip, and into the hands of those who desperately need it.

The UN has repeatedly accused Israel of obstructing aid deliveries to Gaza. Israel’s government denies that, and claims that Hamas is hijacking aid.

“For all the actors that are on the ground, let the humanitarians do their work,” said Antoine Renard, the World Food Program’s director in the Palestinian territories.

I asked, “Some people might see these two chefs and think, well, they’re cooking, they have food.”  

“They have food, but they don’t have the right food; they’re trying to accommodate with anything that they can find,” Renard said.

Even in our darkest hour, food can bring comfort. But for many in Gaza, there’s only the anxiety of not knowing where they’ll find their next meal.

      
For more info:

       
Story produced by Mikaela Bufano. Editor: Carol Ross. 

      
See also: 


“Sunday Morning” 2024 “Food Issue” recipe index
Delicious menu suggestions from top chefs, cookbook authors, food writers, restaurateurs, and the editors of Food & Wine magazine.  



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A study to devise nutritional guidance just for you

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It’s been said the best meals come from the heart, not from a recipe book. But at this USDA kitchen, there’s no pinch of this, dash of that, no dollops or smidgens of anything. Here, nutritionists in white coats painstakingly measure every single ingredient, down to the tenth of a gram.

Sheryn Stover is expected to eat every crumb of her pizza; any tiny morsels she does miss go back to the kitchen, where they’re scrutinized like evidence of some dietary crime.

Stover (or participant #8180, as she’s known) is one of some 10,000 volunteers enrolled in a $170 million nutrition study run by the National Institutes of Health. “At 78, not many people get to do studies that are going to affect a great amount of people, and I thought this was a great opportunity to do that,” she said.

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Sheryn Stover participates in the Nutrition for Precision Health Study, to help tailor dietary recommendations according to an individual’s genes, culture and environment.

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It’s called the Nutrition for Precision Health Study. “When I tell people about the study, the reaction usually is, ‘Oh, that’s so cool, can I do it?'” said coordinator Holly Nicastro.

She explained just what “precise” precisely means: “Precision nutrition means tailoring nutrition or dietary guidance to the individual.”

The government has long offered guidelines to help us eat better. In the 1940s we had the “Basic 7.” In the ’50s, the “Basic 4.” We’ve had the “Food Wheel,” the “Food Pyramid,” and currently, “My Plate.”

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They’re all well-intentioned, except they’re all based on averages – what works best for most people, most of the time. But according to Nicastro, there is no one best way to eat. “We know from virtually every nutrition study ever conducted, we have inner individual variability,” she said. “That means we have some people that are going to respond, and some people that aren’t. There’s no one-size-fits-all.”

The study’s participants, like Stover, are all being drawn from another NIH study program called All Of Us, a massive undertaking to create a database of at least a million people who are volunteering everything from their electronic health records to their DNA.  It was from that All of Us research that Stover discovered she has the gene that makes some foods taste bitter, which could explain why she ate more of one kind of food than another.

Professor Sai Das, who oversees the study at Tufts University, says the goal of precision nutrition is to drill down even deeper into those individual differences. “We’re moving away from just saying everybody go do this, to being able to say, ‘Okay, if you have X, Y and Z characteristics, then you’re more likely to respond to a diet, and somebody else that has A, B and C characteristics will be responding to the diet differently,'” Das said.

It’s a big commitment for Stover, who is one of 150 people being paid to live at a handful of test sites around the country for six weeks – two weeks at a time. It’s so precise she can’t even go for a walk without a dietary chaperone. “Well, you could stop and buy candy … God forbid, you can’t do that!” she laughed.

While she’s here, everything from her resting metabolic rate, her body fat percentage, her bone mineral content, even the microbes in her gut (digested by a machine that essentially is a smart toilet paper reading device) are being analyzed for how hers may differ from someone else’s. 

Nicastro said, “We really think that what’s going on in your poop is going to tell us a lot of information about your health and how you respond to food.”  

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Microbiome analysis – studying microbes and genetic material found in the stool samples of program participants – is one of the components of the Nutrition for Precision Health Study. 

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Stover says she doesn’t mind, except for the odd sounds the machine makes. While she is a live-in participant, thousands of others are participating from their homes, where electronic wearables track all kinds of health data, including special glasses that record everything they eat, activated when someone starts chewing. Artificial intelligence can then be used to determine not only which foods the person is eating, but how many calories are consumed.

This study is expected to be wrapped up by 2027, and because of it, we may indeed know not only to eat more fruits and vegetables, but what combination of foods is really best for us.  The question that even Holly Nicastro can’t answer is, will we listen? “You can lead a horse to water; you can’t make them drink,” she said. “We can tailor the interventions all day. But one hypothesis I have is that if the guidance is tailored to the individual, it’s going to make that individual more likely to follow it, because this is for me, this was designed for me.”

      
For more info:

     
Story produced by Mark Hudspeth. Editor: Ed Givnish. 


“Sunday Morning” 2024 “Food Issue” recipe index
Delicious menu suggestions from top chefs, cookbook authors, food writers, restaurateurs, and the editors of Food & Wine magazine.



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