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4 ways to pay off $10,000 in credit card debt quickly
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Credit card debt is becoming a problem for many Americans according to data from the Federal Reserve Bank of New York. Credit card delinquencies are growing (now at nearly 9%) and almost one in five credit cards are maxed out. And this is all happening against a backdrop of persistent inflation, which is compounding the credit card debt problem in the United States.
But, what if you have $10,000 in credit card debt? Are you destined to join the borrowers who have fallen into delinquency or are there ways to pay your credit card debt off quickly? And, if you’ve already fallen into delinquency, are you out of luck?
The truth is that there are several ways to pay off $10,000 credit card debt quickly, whether or not your accounts are delinquent.
Get in touch with an expert to put your credit card debt behind you today.
4 ways to pay off $10,000 in credit card debt quickly
Here are four of the fastest ways to pay off $10,000 in credit card debt:
Take advantage of credit card debt forgiveness
Credit card debt forgiveness is a type of debt relief service that negotiates with your lenders on your behalf. The goal of these negotiations is for your lenders to forgive a meaningful percentage of your balance, making it easier to pay off your credit card debt, even in the midst of a financial hardship.
Though credit card debt forgiveness typically has a detrimental impact on credit scores, these programs can lead to meaningful savings in terms of time and money. Nonetheless, due to the negative impact these programs have on credit scores, they’re usually best for borrowers who are already delinquent or who are having a difficult time making their minimum payments.
Find out how much of your credit card debt can be forgiven now.
Consider credit card debt consolidation
Debt consolidation can happen in two ways: debt consolidation loans and debt consolidation programs. The former involves taking out a new loan to pay off multiple high interest credit cards. If you take this route, it’s important to make sure that your new loan’s interest rate is lower than the average interest rate on your current credit card debts.
When using a debt consolidation programs, a company will negotiate with your lenders to potentially cut your interest rates and reconfigure your repayment terms in a more favorable way. The goal is to save you time and money in your debt relief journey. And, while these programs may have a negative impact on your credit score, that impact is rarely as detrimental as that caused by credit card debt forgiveness. Moreover, as you make your payments on time, you could realize growth in your credit score.
Use your home equity
If you own your home, you may be able to use your home equity to pay your credit card debt off at a lower interest rate. “If someone has a $10,000 credit card with a 24.99% APR, and is paying $300 per month, it will take them four years and 10 months to pay off the balance,” explains Colby Van Sickler founder and CEO of the wealth management company, F3 Wealth Management. “The total interest will be $7,243.82.”
So, how much time and money would a home equity loan save you?
The average home equity loan interest rate is currently 8.79%. If you were to pay off a $10,000 credit card with a loan at this rate, you’d have a monthly payment due of around $125. However, if you made $300 monthly payments, it would take you about three years and three months to pay the debt off and you would pay $1,507 in interest. So, a home equity loan could save you a year and seven months in payoff time and $5,736.82 in interest.
Ask your lenders about financial hardship programs
Finally, it may be advantageous to reach out to your lenders directly for help if you’re dealing with financial hardship. Many lenders offer financial hardship programs that provide short-term relief from high interest rates and minimum payments. That relief could make it possible for you to pay your credit card debt off faster.
But, you may need to prove your financial hardship to qualify. For example, if a medical ailment caused a loss of income, your credit card companies may ask for copies of your medical bills before approving you for a financial hardship program.
The bottom line
If you have $10,000 in credit card debt, you may feel like it will take forever to pay your debt off. But it doesn’t have to. If you’re struggling to make your minimum payments or have already become delinquent, consider a credit card debt forgiveness program or reaching out to your lenders for financial hardship-related assistance. If you’re able to make your minimum payments, debt consolidation may be a suitable solution. And, if you own your home, consider using your home equity to pay your credit cards off faster.
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CBS News
Kamala Harris will speak with “60 Minutes” tomorrow. Here’s what to know for the interview.
Voters will get the chance to hear from Vice President Kamala Harris on Monday as she presents her case for why she should be president in a “60 Minutes” election special.
For decades, “60 Minutes” has featured both Republican and Democratic nominees for presidents, but this year, former President Donald Trump backed out after previously indicating he would be on the show. Correspondent Scott Pelley, who’d been set to interview Trump, will instead travel to Arizona’s Maricopa County, home to more than 60% of Arizona’s voters and a critical battleground in a key swing state.
One thing is certain about the election; with the U.S. deeply involved in both the wars in Ukraine and the Middle East, whoever wins on Nov. 5 will become a wartime president.
What Harris will discuss
Israel’s war started one year ago after Hamas launched a surprise terror attack and correspondent Bill Whitaker will discuss the ongoing war with Harris.
Harris will also discuss the economy, immigration, her record as vice president and the differences between herself and Trump.
Democratic vice presidential candidate Gov. Tim Walz will also appear.
Whitaker joined the Democratic ticket on the campaign trail this week to gain insight into their platform’s priorities and values, and what the candidates believe voters should know.
Why Trump pulled out of the “60 Minutes” interview
Leading up to the candidate hour, Trump, through campaign spokespeople, was the first candidate to accept the “60 Minutes” request to be interviewed for the special, according to CBS News. It had been agreed that both candidates would receive equal time during the broadcast.
Trump last sat down with 60 Minutes in 2020. He walked out during the interview with Lesley Stahl. Trump referenced the incident on Tuesday night at a Milwaukee press conference when asked about his decision not to participate in the Oct. 7 “60 Minutes” election special.
“Well, right now, I went to – they came to me and would like me to do an interview, but first I want to get an apology, because the last time I did an interview with them, if you remember, they challenged me on the computer,” Trump said. “They said the ‘laptop from hell’ was from Russia, and I said it wasn’t from Russia. It was from Hunter, and I never got an apology, so I’m sort of waiting. I’d love to do ’60 Minutes.’ I do everything.”
The Republican nominee for president emphasized that he felt he was owed an apology from “60 Minutes.”
“Let’s see if they do it. I wouldn’t mind doing 60,” Trump continued. “I’ve done ’60 Minutes’ a lot.”
In a statement on Tuesday, Trump campaign communications director Steven Cheung said that Trump’s team had not agreed to an interview.
“Fake News,” Cheung said in a post on X. “60 Minutes begged for an interview, even after they were caught lying about Hunter Biden’s laptop back in 2020. There were initial discussions, but nothing was ever scheduled or locked in. They also insisted on doing live fact checking, which is unprecedented.”
Previous Trump, Harris appearances on 60 Minutes
Trump previously sat down with “60 Minutes'” Mike Wallace in 1985, Pelley in 2015 and Lesley Stahl twice in 2016, first in July of that year and then again in November of 2016. He also spoke with Stahl again in 2018 and 2020.
Harris previously sat down with Whitaker last year. She also was interviewed by Norah O’Donnell, “CBS Evening News” anchor and “60 Minutes” contributing correspondent, in 2020.
