CBS News
Should you consider debt relief this October?
Getty Images/iStockphoto
With a new month quickly approaching and economic concerns at the forefront for millions of Americans, some may be contemplating new ways to improve their financial situation. While interest rates were cut earlier this September by the Federal Reserve (their first cut in four years), they’re still elevated compared to where they had been in recent years. Combined with enduring economic pain remaining from recently high inflation and concerns over unemployment, many may find themselves in a tight financial position right now, bringing in less money each month than they owe on their debts.
Against this backdrop, some adults may be considering the help a qualified debt relief provider can offer. But is your situation drastic enough to warrant such assistance or are you better served by waiting it out and exploring alternatives? Below, we’ll break down three reasons why you may want to consider debt relief this October.
Explore your credit card debt relief options here now.
Should you consider debt relief this October?
Here are three things to consider if you’re hesitant about enlisting the services of a debt relief provider now:
Rate cuts may not be enough
Sure, interest rate cuts are a step in the right direction. But they’re only a step and a marginal one at that. With credit card interest rates, for example, hovering around 23% currently, a record high, rate cuts in the amount of half a percentage point or lower aren’t likely to make a dent in your monthly payments. And considering that credit card interest rates are affected by a complex list of factors, in which the federal funds rate is just one, you may not even seen your credit card interest rate move at all right now. Instead, it would take months, if not years, of a consistently cooling federal funds rate to affect your credit card rates. But that could be too long to wait.
Enlist the services of a top debt relief company online instead.
Your interest is already compounding
The average American has around $8,000 in credit card debt now. And that debt is compounding each day with double-digit interest rates, on average. If you’re one of those adults with that median amount of debt (or more), be realistic about your ability to afford more interest. If you don’t have a clear, actionable way to do so, you may be best served by looking into a debt consolidation loan or debt management program with a debt relief provider now, even before October 1 comes around.
Relief won’t be quick
Whether you’re contemplating debt relief help now or the not-too-distant future, it’s critical to remember that relief won’t be quick. Depending on the type you pursue, it could take months if not multiple years to get your financial health back. Credit card debt forgiveness, for example, could take anywhere between two to four years. And you won’t even get all of your credit card debt forgiven in that time (a 50% negotiated settlement is typical). A debt consolidation loan via a debt relief company will also take time to coordinate and even longer to improve your financial position. So don’t delay.
The bottom line
If you’re stuck in debt with no obvious ways to get out of it, consider using this October as the starting point toward regaining your financial freedom. Remember that interest rate cuts may not offer enough substantial relief quickly enough, particularly as your interest compounds daily. Plus, even the most robust debt relief type and provider won’t be able to work miracles. Instead, it will be a slow, steady and perhaps frustrating road toward getting out of debt. So don’t wait any longer to get to work.
Watch CBS News
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
The page cannot be found
The page may have been removed, had its name changed, or is just temporarily unavailable.
Be the first to know
Get browser notifications for breaking news, live events, and exclusive reporting.
CBS News
Jennifer Lawrence and Malala Yousafzai shed light on Afghan women’s fight for freedom in new film
A powerful new documentary is exposing the harsh realities faced by women in Afghanistan under Taliban rule. The film, “Bread and Roses,” is directed by Afghan filmmaker Sahra Mani, produced by Oscar winner Jennifer Lawrence and executive produced by Nobel laureate Malala Yousafzai.
Mani details the grim reality faced by millions of women in Afghanistan under Taliban rule, which drew the attention of Lawrence in 2021.
“My first reaction when watching that was to do what the Taliban did not want us to do, which was give access and facilities to the people on the ground to capture what was happening on the ground in real-time,” she said. “Because obviously the Taliban flourishes in secrecy.”
Some of the strict limitations imposed on women in Afghanistan under Taliban rule include prohibiting women from working, pursuing education, or even leaving their homes without a male escort. They are also barred from singing, playing music, making films, and, more recently, dining at restaurants or purchasing food in public.
Lawrence and her producing partner, Justine Ciarrocchi, set out to reveal these realities in Afghanistan through the eyes of Afghan women. They enlisted Mani to direct the documentary and Yousafzai joined the project as an executive producer to help amplify its message.
When asked why the Taliban opposes women’s education, Yousafzai said, “We have been trying to figure out an answer to that for the past 30 years…I cannot find any explanation that justifies it to me. How can you stop a girl from her school? They come up with these excuses that it’s culture, it’s religion. There is no culture, excuse. The true representatives of that culture are the Afghan women and girls that we’ve seen in the documentary.”
The documentary follows three Afghan women who secretly filmed their protests. Mani said she wanted to capture the intimate moment of their life and give people an opportunity to see what life is like for Afghan woman under a Taliban dictatorship. But she also wanted to encourage by highlighting their strength.
It’s a reality that Lawrence said would be difficult to experience.
“I can’t imagine not being able to take a taxi or being able to listen to music. I can’t imagine if just the sound of my voice was illegal,” she said.
Lawrence, known for her activism, acknowledged the dangers of speaking out but said the stakes were too high to stay silent.
“There’s 20 million women whose lives are in danger,” she said.
Yousafzai, who survived a Taliban attack in 2012, reflected on the ongoing fight for women’s rights.
“What really shook me was the fact that people stand with you once you have survived, but we don’t look at people who are still under a big threat,” she said. “Let’s share our solidarity with them.”
