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3 reasons to consider credit card debt forgiveness this December
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The holiday season is a time for celebration and connection, but for many, it also comes with significant financial stress for many Americans. After all, the typical uptick in spending that occurs during the final months of the year can make it tough to manage your budget, and if you’re also dealing with high-rate credit card debt, keeping your finances on track can be even more difficult during this time of the year.
If you’re feeling that type of pressure right now, the good news is that credit card debt forgiveness — also known as debt settlement — may offer a lifeline. This approach to credit card debt relief involves negotiating with your creditors to reduce the total amount you owe, allowing you to settle your debts for less than your current balance. While there are some potential downsides to this approach, this practical solution can offer big relief for those facing significant financial strain from high credit card interest charges.
While credit card debt forgiveness can be pursued year-round, December may be an especially fitting time to explore this type of debt forgiveness. Below, we’ll explain why.
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3 reasons to consider credit card debt forgiveness this December
If you’ve been thinking about pursuing credit card debt forgiveness, here’s why this December could be an opportune time to act:
Credit card rates are sitting at record highs
Credit card interest rates recently surged to an unprecedented average of over 23%, making it harder than ever to pay down balances. At this rate, having a balance of $8,000 — the average amount of card debt people are carrying right now — would result in annual interest charges exceeding $1,800 if you only make minimum payments. This escalating cost means that even small purchases can snowball into overwhelming debt over time.
And, while the Federal Reserve has made adjustments to interest rates recently, the last couple of Fed rate drops have yet to provide relief for credit card users, as issuers typically adjust rates more slowly. As a result, it’s unlikely that card rates will drop from today’s record highs, at least not anytime soon. That means if you let your credit card debt continue to compound, you could have a tough time paying off what you owe on your own.
Credit card debt forgiveness offers a potential solution to that issue by allowing you to negotiate reductions on your principal balances and sidestep crippling interest charges. By pursuing this option this December, you can alleviate the strain of excessive interest over time and start working toward financial freedom.
Learn how to get rid of your credit card debt today.
Credit card reliance is growing
Economic challenges, including the current high costs of essentials like housing and groceries due to years of high inflation, have also led to increased reliance on credit cards. Many households are now using credit to bridge the gap between income and expenses, causing balances to rise. For example, the total amount of credit card debt increased from $1.14 trillion in the second quarter of 2024 to $1.17 trillion in Q3 2024, a clear indicator of this increased reliance on short-term borrowing.
If you find yourself in a similar situation, it’s crucial to address the problem before it gets worse. After all, it doesn’t take much for the high interest rates on your credit card debt to cause your debt to spiral out of control — and the higher your debt burden grows, the harder it is to get rid of it. That’s where credit card debt forgiveness comes in. This type of debt relief offers a way to break free from this cycle by reducing the amount you owe. And acting now, before additional holiday spending or other unforeseen expenses, can help prevent the problem from compounding further.
The new year is on the horizon
There’s something symbolic and empowering about starting the new year with a clean slate. January is often associated with fresh beginnings, making December the perfect time to start addressing financial challenges and setting yourself up for success. By starting the process of debt forgiveness now, you can enter the new year with a clear plan to tackle your remaining obligations.
Debt forgiveness programs typically take some time to negotiate and finalize, so initiating the process in December ensures you’re well-positioned for progress by January. Instead of carrying the stress and burden of credit card debt into another year, you can focus on achieving financial goals, like building savings or improving your credit score. Taking action now can transform your financial outlook and help you embrace the new year with confidence.
The bottom line
Credit card debt can feel overwhelming, especially now that interest rates are at record highs and financial pressures are mounting. This December, however, presents an ideal opportunity to take action. By addressing your debt now, you can avoid the compounding effects of high-interest charges, alleviate financial stress and set yourself up for a stronger financial future. While the process requires careful consideration and a commitment to resolving your debt, for most cardholders, the potential benefits — like reduced balances and more manageable payments — are well worth the effort.
Oprah Winfrey unveiled her latest book club selection, “Small Things Like These” by Claire Keegan, during an appearance Tuesday on “CBS Mornings.”
The story, set in Ireland in December 1985, follows Bill Furlong, a father and local merchant, as he uncovers the truth about a Magdalene laundry — a convent where women and girls were forced into labor under harsh conditions.
“What resonated with me? First of all, read the story, and I had never heard of the Magdalene Laundries,” Winfrey said. “This story, which is heartwarming and meaningful, and it’s about a father trying to do the best he can for his family, and then has this decision to make…. For me to run across a story that’s based in truth, but is actually fiction, was what was really exciting to me.”
Keegan explained her focus on the details of daily life, saying, “We think about our lives and measure them so often by the big things that happen … but in fact, it’s how we run our daily lives that is our character.”
Winfrey resonated with a particular line from the book: “Was there any point in being alive without helping one another?”
“That is how I live my life,” Winfrey said. “But it’s also the reason why it’s such a beautiful Christmas story this time of the year.”
The book also explores real-life history. The Magdalene Laundries operated in Ireland from 1922 to 1996, and Keegan noted that survivors are still seeking acknowledgment and apologies from the Catholic Church.
Winfrey also announced her new podcast “The Oprah Podcast” in partnership with Starbucks. It features conversations about books and social issues. She shared that the first episode includes an interview with a woman who was sent to a Magdalene laundry at age 12.
“Small Things Like These” has been adapted into a movie starring Oscar winner Cillian Murphy. The book is available now, and episodes of “The Oprah Podcast” can be streamed on YouTube and other platforms.
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Ashley Benefield, former ballerina convicted of killing husband in “Black Swan” murder case, is sentenced to 20 years in prison
A former ballerina was sentenced to 20 years in prison Tuesday in the 2020 shooting death of her estranged husband in Florida.
CBS affiliate WTSP reports that Ashley Benefield was sentenced to 20 years, with credit for time served, followed by 10 years probation. The case, which became known as the “Black Swan murder” trial, garnered national attention, with some comparing Benefield to the protagonist of the 2010 film “Black Swan.”
The former ballerina was found guilty by a jury in July of manslaughter for shooting and killing her husband, Doug Benefield, in September 2020 after an argument.
Ashley Benefield, 32, claimed that she killed her then-58-year-old estranged husband in self defense during an argument at her mother’s home, where she had moved from South Carolina after leaving him. Authorities said she shot him twice.
“I just held the gun like in front of me and I said, stop, and he like turned and he got into this like almost like a fighting stance. He started like moving his arms and his hands around…he started coming towards me and he lunged at me, and I just pulled the trigger,” Ashley Benefield testified at her trial.
Pool/Bradenton Herald
The pair had wed after knowing each other for less than two weeks, “48 Hours” reported. At the time of their marriage, Ashley Benefield was 24 and Doug Benefield, a widower whose wife had died about nine months earlier, was 54.
As “48 Hours” reported, the marriage was rocky. There were tensions between Ashley Benefield and Doug Benefield’s teenage daughter, and an attempt to start a ballet company together failed. Ashley Benefield accused her husband of poisoning his first wife, and left him when she was pregnant with their child to stay with her mother, alleging that he was now poisoning her. The claims were investigated by police, and no charges were filed.
Once their child was born in 2018, Ashley Benefield allegedly kept the baby from her husband for six months, until a judge intervened. After this, the pair largely reconciled, and in 2020, they planned to move to Maryland together on Ashley Benefield’s suggestion.
On Sept. 27, 2020, the Benefields were packing a U-Haul truck for the move. Ashley Benefield’s mother, Alicia Byers, took her granddaughter to a park, leaving the couple alone in the house. A neighbor reported hearing sudden screaming and called 911.
Moments later, Ashley Benefield arrived at the home of another neighbor, gun in hand. She reportedly told the neighbor that she had shot her husband in self-defense. The neighbor called 911.
When police and emergency services responded, Doug Benefield was still alive but unable to speak. He died at an area hospital about an hour later.
Investigators determined that Doug Benefield had been shot twice, once in the leg and once in the arm. That second bullet traveled into his chest cavity. The shots had been fired when he was turning away from his wife, investigators determined.
Ashley Benefield’s lawyer, Faith Brown, told police at the time that her client had been planning to leave her husband and had an escape plan, including a safe place to stay, a burner phone and a rental car rented under a different name. Brown told police that Benefield feared her husband “had gotten wind of” the plan.
Ashley Benefield was arrested five weeks after the shooting.
