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6 simple ways to reduce (or even eliminate) your credit card debt
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Credit cards have become an integral part of most people’s daily lives — and for good reason. Not only does the plastic in your wallet offer a convenient way to pay and rack up rewards, but it also lets you make purchases even when cash is tight. But while the ease of use is alluring, it can quickly lead to accumulating high-rate credit card debt, even for those who believe they’re using their cards responsibly.
The current high-rate environment has made it even easier to fall into the credit card debt trap, too. All it takes is a few large purchases, an unexpected emergency or losing track of your spending to find yourself with a credit card balance that seems to grow exponentially.
Should you find yourself in a similar situation, it’s important not to panic. Whether you’re dealing with a few thousand dollars or tens of thousands in credit card debt, there are a few simple strategies you can employ to regain control of your finances.
Want to tackle your card debt today? Find out what your best debt relief options are now.
6 simple ways to reduce (or even eliminate) your credit card debt
If you want to reduce or eliminate the amount of credit card debt you’re carrying, these strategies could come in handy:
Pay more than just the minimum
One of the simplest but most powerful ways to tackle credit card debt is to pay more than the minimum required payment each month. Credit card companies will typically set very low minimum payments, sometimes as little as 1% of the balance plus interest. While this may seem helpful in the short term, it can lead to years of debt and thousands of dollars in interest charges.
By increasing your payment, you can significantly reduce the time it takes to pay off your debt and the total interest you’ll pay. For example, if you have a $5,000 balance on a card with an 18% APR and only make the minimum payment of $125 (interest + 1% of the principal), it would take you 273 months to pay off the debt, and you’d pay $6,923.09 in interest. However, if you increase your payment to $200 per month, you’d be debt-free in just 32 months and pay only $1,313.96 in interest.
Learn how the right debt relief company could help you get rid of your credit card debt.
Negotiate with your creditors
Many people don’t realize that credit card terms are often negotiable. If you’re struggling with high interest rates or fees, it’s worth reaching out to your credit card company to see if they’re willing to work with you.
Here are a few things you can negotiate:
- Lower interest rates
- Waived annual fees
- Reduced minimum payments
- Removal of late fees or over-limit fees
You might be surprised at how accommodating they can be, especially if you’ve been a long-time customer with a good payment history.
Enlist professional help
If you’re struggling to make progress on your own, consider enlisting professional help through a debt management program. These programs are typically offered by non-profit credit counseling agencies and can be an excellent way to get your debt under control. When you enroll in a debt management plan, the credit counseling agency works with your creditors to try and lower your interest rates and possibly reduce or eliminate fees, which could help you save significantly on what you owe.
Try to settle your debts
Credit card debt forgiveness, or debt settlement, is another option for those with significant credit card debt, and it can be particularly helpful if you’re already behind on payments. With debt settlement, you (or a debt relief company acting on your behalf) negotiate with your creditors to pay less than the full amount owed. For example, if you owe $10,000 on a credit card, you might offer to pay $5,000 as a lump sum to settle the debt. If the creditor agrees, the remaining $5,000 would be forgiven.
Transfer your balance
If you have good to excellent credit, you might be able to take advantage of a balance transfer offer. Many credit card companies offer introductory 0% APR periods on balance transfers, typically lasting 12-21 months. By transferring your high-interest credit card balances to a card with a 0% intro APR, you could save a significant amount on interest and potentially pay off your debt faster.
Consolidate your debts
When consolidating your debt, you take out a new loan to pay off multiple credit card debts. This can simplify your finances by giving you a single monthly payment to manage instead of several, and if you can secure a loan with a lower interest rate than your credit cards, you’ll save money on interest charges.
There are several ways to do that, including debt consolidation loans from a bank or credit union, personal loans, home equity loans or debt consolidation programs through debt relief companies. So, there are lots of options to consider, each with its own potential benefits and downsides.
The bottom line
While credit card debt can feel overwhelming, these strategies provide a roadmap to financial freedom. Whether you choose to negotiate with creditors, transfer balances or seek professional help, the key is to take action so you can overcome your credit card debt and build a more secure financial future.
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North Carolina governor’s race rocked by CNN report on Mark Robinson’s alleged incendiary comments
Editor’s note: This story contains highly offensive language.
Washington — North Carolina Lt. Gov. Mark Robinson, the Republican nominee for governor, posted a slew of incendiary, explicit and racist comments on a pornographic website more than a decade ago, according to a CNN investigation released Thursday that has shaken the state’s gubernatorial race.
The report focused on comments made by an account with the name “minisoldr” on a pornographic website called Nude Africa between 2008 and 2012. The account used the name “mark robinson” in its profile and a number of biographical details posted by the account line up with Robinson’s own history, according to CNN. The network reported that Robinson appeared to use the account name on other platforms over the years, including YouTube and Pinterest, and that the email address associated with the account belonged to Robinson.
On the Nude Africa forum, the user expressed a desire to “bring [slavery] back” and “buy a few” slaves, while identifying himself as a “black NAZI,” according to CNN.
“Slavery is not bad. Some people need to be slaves. I wish they would bring it (slavery) back. I would certainly buy a few,” the account wrote in a discussion about Black Republicans in 2010, according to CNN.
“I like watching tranny on girl porn!” the minisoldr account also posted on Nude Africa, according to CNN. “That’s f****** hot! It takes the man out while leaving the man in! And yeah I’m a ‘perv’ too!”
In March 2012, minisoldr posted a preference for Hitler over former President Barack Obama’s administration: “I’d take Hitler over any of the s*** that’s in Washington right now!”
Minisoldr also used racist language to vilify civil rights hero Martin Luther King Jr.
“I’m not in the KKK. They don’t let blacks join. If I was in the KKK I would have called him Martin Lucifer Koon!” the account posted in October 2011, according to CNN.
Reports emerged earlier Thursday that CNN was planning to publish a damaging story that could lead other Republicans to call on Robinson to drop out of the race. In a video posted to X before the CNN story was published, Robinson flatly denied that he said anything in the CNN report and insisted he won’t drop out. North Carolina will begin mailing ballots to members of the military and voters outside the U.S. on Friday.
“The things that you will see in that story, those are not the words of Mark Robinson,” Robinson said in his video. “You know my words, you know my character and you know that I have been completely transparent in this race and before.”
Jason Armond / Los Angeles Times via Getty Images
Robinson echoed those comments in an interview with CNN. “This is not us. These are not our words. And this is not anything that is characteristic of me,” Robinson said, adding that he wouldn’t “get into the minutia of how somebody manufactured this, these salacious tabloid lies” when presented with evidence that the account belonged to him.
Robinson, who is 56 and married with two children, has a history of inflammatory remarks that have widely circulated since he won the state’s Republican primary in March. Serving as North Carolina’s lieutenant governor since 2021, he gained prominence in Republican circles after he delivered a pro-gun rights speech that went viral and kickstarted his political career. He’s made inflammatory comments across a number of topics — from Islam to abortion to feminism — but he’s been especially vocal on LGBTQ+ issues.
If elected, Robinson would become the first Black governor of North Carolina. Former President Donald Trump, who endorsed Robinson for governor, has referred to him as “Martin Luther King on steroids.”
The lieutenant governor blamed the CNN report on his Democratic opponent, North Carolina Attorney General Josh Stein.
“You all have seen the half truths and outright lies of Josh Stein,” Robinson said, claiming that Stein leaked the story to CNN.
The report’s release has spurred concern among Republicans about their nominee’s prospects in the coming election. Sen. Ted Budd, a North Carolina Republican, told reporters ahead of its release on Thursday that “North Carolinian voters are smart, and they know how to pick each and every candidate based on their own merits.”
When asked whether Robinson should step down, Budd said he didn’t have enough information.
“They’ve been assaulting him for years,” Budd said before the article was published. “We’re going to gather our facts through the weekend.”
contributed to this report.
Certain boxes of waffles sold at Costco Wholesale stores in the Midwest are being recalled because they may contain plastic, according to a notice by supplier Kodiak Cakes.
The recall involves Kodiak Power Waffles Buttermilk & Vanilla 40 count with the UPC code 705599019203 and a use-by date of Jan. 10, 2026, and only impacts products with the lot code 24193-WL4 and a time stamp of 12:00-23:00, according to the Park City, Utah-based company.
The recalled products were sold at Costco warehouses in 13 states: Illinois, Indiana, Iowa, Kansas, Kentucky, Michigan, Minnesota, Missouri, Nebraska, North Dakota, Ohio, South Dakota and Wisconsin.
The action was initiated “due to the potential presence of soft plastic film,” according to Kodiak, which noted that no injuries or illnesses had been reported.
Those who purchased the recalled product can return it to their local Costco for a refund.
People with questions can email Kodiak at: flapjacks@kodiakcakes.com or call 801-328-4067. Messages will be returned between 8 a.m. and 5 p.m. Mountain time, Monday through Friday.