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4 simple ways for seniors to consolidate debt

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If you’re a senior who wants to consolidate your debt, there are lots of smart options worth considering.

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Stubborn inflation has continued to impact the finances of Americans across the nation. However, seniors on limited incomes may be feeling a lot of financial pain in particular. After all, rising prices caused by high inflation means that many are devoting a higher percentage of their incomes to necessities like food, housing and fuel. 

And, due to these higher costs, an increased number of people, seniors included, may be using their credit cards to stay afloat, as indicated by the recent data that shows about one in five credit cards are maxed out. High amounts of credit card debt and other debts can be especially damaging to seniors’ finances, as limited income can mean they may struggle to pay their statement balances in full to avoid compounding interest charges. 

In turn, it may take seniors a long time to escape credit card debt, but that doesn’t always have to be the case. There are several options seniors have for consolidating credit card debt and paying it off faster.

Not sure which strategy is best? Learn more about your debt relief options online here.

4 simple ways for seniors to consolidate debt

Here are some good consolidation options seniors have if they want to pay off debt faster.

Borrow money with a debt consolidation loan

If you can qualify for a lower rate than the average rate on your credit cards, a debt consolidation loan could be your best option, says Ohan Kayikchyan, a certified financial planner and founder of Ohan The Money Doctor.

A debt consolidation loan is a type of loan you can use to merge multiple debts, like high-interest credit cards, into a single debt. And, securing a lower-rate debt consolidation loan could save you thousands of dollars in interest over time.

That said, you may have trouble qualifying for a debt consolidation loan with a lower rate if you have poor credit or other blemishes on your credit report. In these cases, it may not make much sense to consider a debt consolidation loan — unless the streamlined payments that come with rolling multiple debt obligations into one make it easier on your finances.

Explore your top debt consolidation and debt relief options now.

Get help from a debt relief company

Debt relief companies can help you consolidate your debt with a loan from a lender partner, which works much like taking out a debt consolidation loan through other means. And, these debt relief companies can also negotiate lower rates on your behalf or help you settle the debt (and pay less than what you owe). 

As a result, using a debt relief service could help you consolidate your credit card debt or offer other ways to get out of debt faster and save money.

However, this option comes with a few trade-offs. For example, when you enroll in a credit card forgiveness plan to settle your debt, it can damage your credit score. In turn, it’s important to make sure you understand the risks of debt settlement before enrolling, Dr. Kate Mielitz, an accredited financial counselor, says. 

“You may be sued — many times the debt relief company can resolve the debt before the judgment is handed down,” says Mielitz. 

For example, you might end up paying more than the amount you originally agreed to satisfy the terms a debt relief company makes with your original creditor to avoid wage garnishment, says Mielitz. 

As an alternative to working with a debt relief program, Mielitz recommends contacting someone at a not-for-profit counseling agency, like the National Foundation for Credit Counseling, to see if a debt management plan is a better choice.

Leslie H. Tayne, Esq, founder and head attorney at Tayne Law Group, P.C., a debt relief firm based in New York, has a different perspective than Mielitz on seniors setting debt. 

“I’m a fan of debt settlement when it’s done right,” Tayne says. “By reducing and eliminating the debt sooner and with a smaller, more manageable budget, seniors can improve their financial situations.”

Tayne says her firm has often found that seniors don’t need to worry about credit, so the downsides to debt settlement are minimized. In turn, debt settlement may be the perfect option if you don’t plan on applying for a home or auto loan anytime soon.

Tap into your home equity

If you’re a homeowner, consolidating your high-interest debt with funds from a home equity line of credit (HELOC) or home equity loan could make sense. Both options generally provide lower rates than credit cards and traditional debt consolidation loans, so these equity-tapping options could be ideal for consolidating debt.

“Using your home equity can be a good move, but only if you don’t use it repeatedly to get out of debt,” says Edna Forero, a ChFc and EA based in Jupiter, Florida.

Mielitz says to weigh the potential risks of using your home equity to pay down your credit cards or other debts before taking this route, though. After all, missing a payment on a HELOC or home equity loan can lead to losing your home.

Take out a reverse mortgage

Another way to tap your home equity to consolidate debt is to take out a reverse mortgage. Unlike a traditional mortgage, with a reverse mortgage, the lender pays you a lump sum or monthly payments. What’s unique is that a reverse mortgage loan does not require you to make monthly payments like a traditional loan does. Rather, the loan is paid back, with interest, when you sell the home or die.

But while a reverse mortgage provides cash that can be used to consolidate and pay down debt, there are some downsides to consider with this option. 

“Closing costs alone could exceed the debt owed,” says Tayne. 

Tayne recommends reviewing your budget and expenses first to determine whether it’s possible to reduce the debt another way rather than converting it into longer-term debt with a reverse mortgage.

The bottom line

As a senior, there are plenty of options for consolidating credit card debt or other high-interest debt. If you have good credit and can comfortably afford the monthly payments, for example, it may be smart to consolidate your high-interest debt with a debt consolidation or home equity loan. But if you don’t qualify for a debt consolidation loan option and can’t afford to make minimum payments, contacting a debt relief company could make sense. 



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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.

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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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One year after Oct. 7 attack, the toll on civilians remains high

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One year after Oct. 7 attack, the toll on civilians remains high – CBS News


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Since the Hamas terrorist attack on Israel, Israel has been waging a war on multiple fronts, and Gaza is now in near-total ruins with nearly 41,000 Palestinians dead, according to the Hamas-run Health Ministry. Imtiaz Tyab reports.

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