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3 smart debt relief moves to make for October
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While inflation has steadily declined over the last year and, now, interest rates have started to be reduced, the economic burdens millions of Americans have felt in recent years are still lingering. The average American owes approximately $8,000 in credit card debt currently and, overall, the total credit card debt nationwide now sits at approximately $1.4 trillion. That’s a lot of money to pay back and it won’t be repaid overnight, either.
Fortunately, if you’re one of those borrowers stuck with credit card or other high-interest debt right now, there are options to pursue to help you dig out. Debt relief companies offer varied services from debt consolidation loans (in which you can consolidate your debt into one, preferably lower-rate loan) to debt management programs to credit card debt forgiveness. To position yourself for success, however, you’ll need to start taking action soon. And with the aforementioned statistics in mind, this October could be the time to act. Below, we’ll detail three smart debt relief moves to make now.
Start by seeing which option can offer you the most debt relief here.
3 smart debt relief moves to make for October
While each borrower’s financial situation and overall debt severity are different, there are some broadly applicable debt relief moves to make for the upcoming month. Here are three:
Review your options
As noted, there are multiple debt relief options to choose from ranging from moderate help to more severe assistance like bankruptcy. The best one for you will depend on factors like how much you owe, your current ability to pay and your credit score.
If you’ve already stopped paying your debt or are delinquent, you may need more help than if you have large but still manageable debt obligations. So review your options carefully and consider speaking to a debt relief specialist who can better help determine your most appropriate course of action.
Contact a debt relief professional online today.
Stop waiting
Choosing the right debt relief option for your unique situation is just one step. The rest, however, will take time to implement and it could be months, if not years, to accomplish your goal. Credit card debt forgiveness, for example, can take two to four years to complete and even then you won’t have your full debt forgiven (it’s usually capped between 30% and 50% of what you owe).
Waiting around, then, for the perfect relief option or for interest rates to fall could be detrimental to your financial well-being. Instead, consider acting aggressively once you’ve determined your best option.
Boost your credit score
If you’re currently in debt you may have already damaged your credit score. But if you have the means to improve it, you should make every effort to do so. This means securing a copy of your credit report to review for any errors or inaccuracies that could be damaging your score. It also means refraining from adding to your existing debts and making payments on time.
Remember that select debt relief options, like debt consolidation loans, will only be beneficial if you can secure a lower rate than what you already have elsewhere. To get that lower rate, then, become a qualified borrow and start working now to boost your credit score. It’ll pay dividends if you pursue select debt relief options.
The bottom line
If you’re stuck in debt then consider using the start of a new month as a fresh start. To truly regain your financial freedom, however, you’ll want to carefully analyze each potential debt relief option available now to best determine which aligns with your financial needs. Once you do, consider acting quickly as delays will only lead to compounded interest on your existing debt. And make sure to do all you can to boost your credit score in the interim, both to position yourself for better rates on products like debt consolidation loans but also as part of the overall process of improving your financial standing. By making these smart debt relief moves this October, you can start digging out of debt and move toward improved, long-term economic health.
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In a move intended to troll former President Donald Trump and his running mate, Sen. JD Vance, ahead of the first and only vice presidential debate of 2024, the Democratic National Committee on Monday night is digitally projecting various phrases — including Vance previously calling Trump an “idiot” — onto Trump Tower in New York City.
The projections appeared just hours after Vance arrived at Trump Tower on Monday ahead of Tuesday night’s vice presidential debate with Minnesota Gov. Tim Walz at the CBS Broadcast Center in Manhattan.
“Vance on Trump: ‘What an idiot,'” one of the digital projections says, referring to a Vance tweet from October 2016, when he wrote, “My god what an idiot,” about Trump — part of a slew of criticisms Vance has since said he regrets.
The DNC’s projections are also aimed at the former president for saying he won’t again debate Vice President Kamala Harris. Trump has said “it’s just too late, voting has already started,” but Democrats note that he participated in October debates in the last two election cycles.
“Trump is a chicken!” says another message projected on Trump Tower, following Democrats sponsoring billboards near a Trump rally in battleground Pennsylvania last week with the same sentiment.
Jeff Schear/Getty Images for DNC
Harris told supporters at a rally in Las Vegas on Sunday night the campaign will be cheering “Coach Walz” on Tuesday. But despite that the debate is the last scheduled matchup of the 2024 cycle, she cautioned that “their debate should not be the last word.”
With Democrats continuing to lean into Walz’s background as a high school social studies teacher and football coach, another projection reads, “Go Coach Walz!”
Monday’s final message labels Trump Tower as “Project 2025 HQ,” a line the DNC also displayed on Chicago’s Trump International Hotel and Tower during the Democratic National Convention in August.
The former president has sought to distance himself from the conservative blueprint overseen by the Heritage Foundation for a second Trump term, calling it “Project 25” and saying he knows “nothing about it,” but Democrats continue to tie it to Trump and Vance.
DNC spokesperson Abhi Rahman told CBS News on Monday that the projections are intended to grab the attention of the Republican ticket and remind Americans that Trump won’t agree to debate again.
“As Vance takes the debate stage to attempt to make up for Trump’s own lackluster debate performance, these projections on Trump Tower NYC are a reminder that Trump and Vance are out for themselves while Trump remains afraid to go back on that debate stage and be held accountable by Vice President Harris for his failed record and his dangerous agenda,” Rahman said in a statement.
David Schwartz, a trial attorney in New York City, told CBS News it’s illegal to project digital signs in New York City for longer than 60 seconds without a permit.
“The Department of Buildings and the New York City code requires a permit, even for digital signs and animated signs. We have a very extensive sign law where you have to get a permit to put up a sign, but now, in the age of digital signs, the laws have been amended to include digital sign permits as well, as long as you’re keeping it up for over 60 seconds,” he said.
“It’s not like anyone’s going to go to jail over it, but it is punishable by a fine. And in this political season, maybe it’s just the cost of doing business,” Schwartz added.
Rohman, a spokesperson with the DNC, said they are aware of the law and complying with it because they’ll be rotating through individual messages which won’t be up for over 60 seconds.
CBS News will host the only planned vice presidential debate between Vance and Walz on Tuesday at 9 p.m. ET on CBS and CBS News 24/7. Download the free CBS News app for live coverage, post-debate analysis, comprehensive fact checks and more.
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