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6 signs you need credit card debt forgiveness this October
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Credit card debt is a growing problem nationwide, with the total amount of credit card debt recently surpassing $1.14 trillion — a record high. This uptick is being driven by a range of factors, including lingering inflationary pressures, which have caused the cost of consumer goods like groceries and fuel to climb over the last few years. As a result, more Americans are using their credit cards to help cover their basic expenses, with the average credit cardholder now owing roughly $8,000, and a large number of cardholders owing much more than that.
Credit card interest rates are also sitting at nearly 23% on average, the highest rate on record, which means that it’s easy for credit card debt to spiral out of control right now due to interest charges. After all, when you’re carrying a large revolving card balance, the compounding interest can easily turn manageable debt into an insurmountable financial burden.
As your credit card debt grows, it can make sense to consider measures like credit card debt forgiveness, also known as debt settlement. This strategy involves negotiating with creditors to reduce your total balance in return for a lump-sum payment, allowing you to pay back a portion of the debt instead of the full amount you owe. But credit card debt forgiveness isn’t right for everyone, so when should you consider taking this step? Below, we’ll explain why it could be beneficial this October.
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6 signs you need credit card debt forgiveness this October
Here are some key signs that you may need credit card debt forgiveness this October:
You can’t afford the minimum payments
One of the first warning signs that you may need credit card debt forgiveness is when you can no longer afford to make the minimum payments on your cards. Minimum payments are typically a small percentage of your total balance, but when even these payments are unaffordable, it signals a severe financial issue. Failing to meet these minimum obligations leads to late fees, increased interest rates and a significant drop in your credit score, so if you’ve reached a point where making even the smallest required payments feels impossible, debt forgiveness might be a more sustainable solution.
See which debt relief options you can use to get rid of your credit card debt.
Your credit card balances are growing despite your payments
You may notice that your credit card balances continue to grow due to high interest rates even with regular payments on the account. This is a common problem for people stuck with significant debt and high APRs. If your balances are rising faster than you can pay them down, it’s a sign that you’re not making enough progress toward debt elimination. In such cases, debt forgiveness may help to reduce your overall balance, giving you a chance to pay off the debt in a manageable way.
You’re using credit cards for everyday necessities
When you start relying on credit cards to cover your basic necessities like groceries, utilities and gas, it may be time to reconsider your financial strategy. Using credit to pay for essentials often means you’re living beyond your means, as you’re accumulating debt for everyday expenses that should ideally be covered by your income. This can quickly lead to an unsustainable financial situation. If you’re trapped in this cycle, debt forgiveness might be the relief you need to regain control of your finances.
You’re receiving collection calls
Frequent calls from creditors or collection agencies are a clear indication that your debt has reached a critical stage. Once your accounts are sent to collections, your credit score takes a significant hit, and the stress of dealing with debt collectors can become overwhelming. If you’re receiving these calls regularly, it may be time to explore debt forgiveness as a way to resolve your financial troubles and put an end to the constant harassment from creditors.
You’ve tried other options without success
Many people try other avenues to manage their credit card debt before considering debt forgiveness, such as balance transfers, debt consolidation or simply cutting back on expenses. If you’ve tried multiple strategies and still find yourself sinking deeper into debt, it may be time to look into more aggressive solutions. Debt forgiveness, while it does come with credit score implications, can offer a clean slate and a chance to get out of a debt trap when other methods have failed.
You’re at risk of bankruptcy
If your debt has become so overwhelming that you’re considering bankruptcy, debt forgiveness could be a less drastic alternative. While both debt settlement and bankruptcy have negative impacts on your credit score, bankruptcy can stay on your credit report for up to 10 years. Debt forgiveness, on the other hand, may allow you to resolve your financial issues without the long-term stigma and legal complications associated with bankruptcy.
The bottom line
Credit card debt can become overwhelming quickly, especially in today’s economic environment where credit card interest rates are high and costs of living are problematic. If you’re experiencing any of the signs listed above, it may be time to consider credit card debt forgiveness as a potential solution. By pursuing this option now, you can negotiate with your creditors, reduce your debt burden and start working toward financial recovery.
CBS News
Surge in Helene relief efforts led to about 30 mid-air close calls over North Carolina in a single day
There were approximately 30 mid-air close calls over North Carolina on Saturday, Sept. 28, as relief efforts ramped up in response to Hurricane Helene, a federal official briefed on the matter confirmed to CBS News Friday.
The close calls resulted from a spike in aircraft that included planes, helicopters and drones arriving in western North Carolina in the wake of Hurricane Helene. The federal official said the close calls did not involve commercial airline traffic.
The Federal Aviation Administration and the North Carolina Department of Transportation, say air traffic over Western North Carolina has increased by 300% due to relief efforts since the storm cleared.
Becca Gallas, director of the North Carolina Department of Transportation Division of Aviation, told CBS News by phone Friday that there has been a steep increase in government, search and rescue flights, as well as National Guard flights.
“When the images of the impact of Helene started to show up on TV screens, there was an outpouring of support and love from communities and people were trying to help get supplies on the ground very quickly, but there were safety issues with the air operations,” Gallas said.
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In addition to the mid-air close calls, there have been two incidents airport involving private aircraft dropping off relief supplies, Gallas disclosed. One had landing gear that did not deploy on landing, and another aircraft caught fire. There were no injuries in either incident, Gallas said.
Two small airports in the area were so overwhelmed by incoming traffic they ran out of fuel for a period, she added, but that has since been resolved.
The spike in air traffic has resulted in additional requirements being put in place for aircraft entering certain areas of North Carolina in order to meter the flow of air traffic. The FAA has instituted a Prior Permission Required designation, which means pilots and drone operators must get permission to use an airport facility or runway. The PPR is currently in effect at the Asheville Regional Airport and Rutherford County Airport, but could be extended to others.
Gallas said in response to the spike, the FAA and NCDOT have co-implemented three mitigation strategies to reduce the risk of an aircraft accident during Helene relief efforts.
The first involves establishing call-in lines at airports for incoming pilots to schedule landing and supply unloading times, as well as scheduling and reserving aircraft parking. The second establishes sky corridors, which are essentially “lanes” for civilian aircraft to use that are separate from the lanes being utilized by military or search and rescue flights. And third is implementing short-term targeted airspace restrictions in areas where multiple search and rescue aircraft are operating.
Gallas explained that with the exception of the Asheville Regional Airport, which does have commercial aircraft, these increase in traffic is at small general aviation airports that may typically have only three employees working, so it’s also an effort to keep ground operations sustainable and not overwhelm limited staff.
“We want every single pilot and aircraft to go home safely at the end of the night when they are doing that critical operation,” Gallas said.
As of Friday, at least 225 deaths across six states have been attributed to Helene, CBS News has confirmed, including 114 in North Carolina.
Western North Carolina specifically has been hard hit by the storm, with significant flooding that has devastated entire communities. Hundreds of roads across Western North Carolina remain closed, requiring state and federal teams to scour the region for survivors by air.
President Biden surveyed Helene’s destruction in the Carolinas by air Wednesday, and announced that the federal government will cover all debris removal and emergency protective measure costs in North Carolina for six months.
CBS News
Stellantis files lawsuit against UAW, claiming union does not have right to authorize mid-contract strike
(CBS DETROIT) — Stellantis has filed a lawsuit against the United Auto Workers union, which is continuing to fight over its 2023 bargaining agreement and the UAW’s threat to strike.
The lawsuit, filed Thursday in the U.S. District Court Central District of California, claims that the UAW “filed sham grievances designed to justify mid-contract strikes against Stellantis that otherwise would violate [the collective bargaining agreement’s] no strike clause.”
Stellantis claims that the union ignored the language in Letter 311, which allows the automaker to make plans for future investments with company approval and are subject to change based on consumer demand, changes in market conditions and plant performance.
The automaker is seeking a court declaration that the union “acted in bad faith” and violated the bargaining agreement.
“Ignoring this negotiated-for and mutually agreed-upon language in Letter 311, the UAW and its agents, including President Shawn Fain, have embarked on a sustained, multi-month campaign against the Company to force the planned investments without Company approval and regardless of business factors,” read the lawsuit.
This comes as the UAW announced that a supermajority of members at Stellantis’ Los Angeles Parts Distribution Center voted to request strike authorization from the International Executive Board if they cannot settle grievances.
This is the first time Stellantis union members have held such a strike vote since multiple locals began filing grievances against the automaker, according to a news release.
“Stellantis made a contractual promise to invest in America and we are not going to let them weasel out of it,” UAW President Shawn Fain said in a statement. “Our members won those investments during the Stand Up strike, and we will strike again to make Stellantis keep the promise if we have to.”
According to an internal email obtained by CBS News Detroit, Stellantis informed workers that the company would sue the UAW.
The email also said the lawsuit “would hold both the International and the local union liable for the revenue loss and other damages resulting from lost production due to an unlawful strike.”
However, Fain has repeatedly stated that the union earned the right to strike under the 2023 agreement over alleged broken promises. Fain also said other UAW locals plan to vote on strike authorization in response to claims that the company was attempting to move production of the Dodge Durango out of the country and delaying the reopening of the Belvidere Assembly Plant in Illinois.
Stellantis cited market conditions as contributing to the delay of the Belvidere plant and proposed a consolidated Mopar Mega Hub, stamping operations in 2025 and allocating a new midsize truck in 2027, according to the lawsuit. The company also said Letter 311 included a planned future investment in the next-generation Durango in 2026 at the Detroit Assembly Complex. The plans are subject to committee approval due to “unpredictability” and “highly volatile” vehicle markets.
CBS News
Helene disrupts yellow jacket, bee nests in North Carolina, prompting massive Benadryl, EpiPen requests
Deadly flooding from Hurricane Helene in western North Carolina has disrupted the underground nests of yellow jackets, bees and other insects, causing them to swarm and sting people struggling to recover from the storm.
It has caused such a surge in requests for medication to protect people allergic to stings that the North Carolina Department of Health and Human Services is buying Benadryl and epinephrine injections to help fill requests through hospitals, emergency medical personnel and doctors.
Pharmacists in the state can also provide emergency refills for people who are already prescribed allergy medications, according to a state health department spokesperson. The state is planning to allow people to buy epinephrine injections such as EpiPens without a prescription, and it is working to collect and distribute donations of medicines.
While most people are not allergic to stings from bees and other insects, irritation and pain can be intense and stings can swell and remain painful for days, according to the Mayo Clinic. And some people can have a severe allergic reaction that can lead to anaphylaxis that can cause difficulty breathing, swelling of the tongue and throat, weak pulse and loss of consciousness. In these situations, it’s critical to administer epinephrine immediately.
Being stung more than a dozen times can also cause a buildup of venom in the body that can cause serious sickness that can include dizziness, fever, convulsions or vomiting.
To reduce the risk of getting stung, experts recommend wearing long and light-colored clothing that has a smooth finish, avoiding perfumes and smelly soaps and deodorants.
If there’s only one stinging insect around, they recommend staying calm and still, and to avoid swatting at it. But if several are stinging, they say it’s better to try to quickly get indoors or into a shaded area. Bees release a chemical when they sting that attracts other bees.
Surge in Helene relief efforts led to about 30 mid-air close calls over North Carolina in a single day
Stillwater high school football player saved after cardiac arrest
Stellantis files lawsuit against UAW, claiming union does not have right to authorize mid-contract strike
Surge in Helene relief efforts led to about 30 mid-air close calls over North Carolina in a single day
Stillwater high school football player saved after cardiac arrest