How to Kill Off That Credit Card Debt Once and for All
*By Carlo Versano*
Your debt doesn't need to follow you around forever ー especially not credit card debt, that insidious baggage that so many of us carry with us daily.
According to Jennifer Streaks, nationally recognized personal finance expert and author of [Thrive! ... Affordably](https://jenniferstreaks.com/), the first step is to avoid getting overwhelmed. "Understand that there are steps you can take," she told Cheddar Wednesday.
Among the most underutilized ways to achieve debt relief is an old-fashioned phone call, Streaks said. Banks are amenable to lowering interest rates or waiving late fees or service charges, particularly for long-standing customers who pay on time, all the time. "They want to cater to you," she said ー so come right out and ask for a break.
There's also debt consolidation. Don't be so quick to throw away those snail mail offers for credit cards with zero percent interest. So long as you are able to pay off the debt load within the time frame of the zero percent interest rate ー usually around six months ー it could be worth it to transfer debts from cards you already have, according to Streaks. Consolidation can make sense if your debt doesn't exceed 50 percent of your income and your cash flow is enough to consistently cover debt payments. Credit unions also often offer low-interest loans that provide a way to pay off all credit card debt in one fell swoop, she said.
Whether you may qualify for one of those loans or a no-interest credit card will depend largely on your credit score, that big round three-digit number by FICO that seems to be generated by some form of black magic or witchcraft. As it turns out, Streaks said, FICO scores are fairly easy to predict when you look at what they consider: 35 percent is payment history, 30 percent is the amount owed, 15 percent is the length of credit history, and 20 percent is a combination of your new credit and credit mix. But what matters most is regular, on-time payments.
"Debt comes from the habits we form," Streaks said. And once you change those habits and tackle that debt, "it's really freeing."
Amanda Jones is the TikToker behind the “healthy Coke” recipe. In her viral post, she shared a concoction of balsamic vinegar and La Croix, allegedly something she learned from her pilates instructor and claimed it tastes just like Coca-Cola — only healthier. Jones joined Cheddar News and walked Hena Doba and Ken Buffa through the unusual recipe to have a taste for themselves.
Lower Manhattan's iconic Stone Street is getting a bubbly makeover. Champagne Nicolas Feuillatte will be 'unleashing the bubbles' throughout the month of June in New York City, with themed events, bubble ball pits, and special menu and drink experiences. Anne-Laure Domenichini, director of communications for Champagne Nicholas Feuillatte, joins Cheddar News' Closing Bell to discuss.
The courtroom drama "All Rise" is returning for a brand new season and has a new home on OWN: The Oprah Winfrey Network. The stars of the series, Wilson Bethel and executive producer Simone Missick, discuss what to expect.
API platform RapidAPI recently became a unicorn with a $1 billion valuation after raising $150 million in a Series D funding round led by Softbank Vision Two Fund. Microsoft's Venture Fund, M12, and Andreessen Horowitz also participated. RapidAPI says it provides the world's largest API hub which enables millions of developers and companies to build software faster. Iddo Gino, founder and CEO of RapidAPI, joins Cheddar News' Closing Bell to discuss.
Sports merchandising company Fanatics announced it will be making trading cards featuring college athletes, a deal made possible by the NCAA's change to NIL rules for its players. Anchors Kristen Scholer and Ken Buffa break down the deal for Cheddar.
In a recent Bumble survey, more than a third of respondents revealed that they would be willing to date people in other cities. Shan Boodram, a sex and relationships expert for the app, joined Cheddar News to talk about the long-distance dating trend and tips on how to go about taking part. "I think this is the magic of what we experienced over the past couple of years, is that we have already learned the tools necessary to stay connected with people despite not being able to be close to them," she noted. Boodram also pointed to Bumble's travel mode and using video conferencing in order to ease into such relationships.
Amanda Victoria, co-founder and CEO of Siponey, joins Cheddar News to talk about the company's canned cocktails. The spritz is made with only four ingredients — wildflower honey, aged rye whiskey, sparkling water, and fresh lemon juice.
Rick Pauls, President & CEO OF DiaMedica Therapeutics, joins Cheddar Innovates to discuss a new ischemic stroke treatment option that expands the window for effective therapy for stroke patients.
