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."
Sophia Bush has a lot going on these days. She plays the title role in a new CBS medical drama, "Good Sam," which premieres onJanuary 5. She and former "One Tree Hill" co-stars Hilarie Burton-Morgan and Bethany Joy Lenz do a weekly podcast called "Drama Queens." Plus, she is working with Lenovo on a conservation initiative called Work for Humankind on Robinson Crusoe Island, off the coast of Chile. "I feel like I've been trying to convince big brands to do work like this forever, and Lenovo said, 'We're in!' And now this incredible conservation group and a local community will be supported by people who believe in purposeful travel, purposeful work," she told Cheddar.
2021 has been a year filled with extreme weather conditions. Hundreds of thousands of people recently saw the effects of massive tornados that swept across six states. Now, experts say climate change could have played a major role. Jennifer Marlon, research scientist and lecturer at the Yale School of the Environment, joins Cheddar News to discuss.
Integrity Marketing Group, nation's largest independent distributor of life and health insurance products, is showing its employees it cares. The company surprised its 5,500 employees with $125 million in cash payouts to those participating in the company's Employee Ownership Plan. Bryan Adams, CEO of at Integrity Marketing Group, and Steve Young, NFL Hall of Famer and chairman of the board at Integrity Marketing Group, join Cheddar News to talk about the announcement.
Anthony Tall, sports agent and president of Miracle Sports Agency, joins Cheddar News to talk about the challenges professional sports leagues are facing amid a surge in coronavirus cases across the U.S.
Jilly Stephens, CEO of City Harvest, joins Cheddar News to discuss food insecurity. She also offers tips on how people can volunteer at their local food bank this holiday season.
Todd Kaplan, Pepsi's Vice President of Marketing, joins Cheddar News to discuss the company's first-ever non-fungible token with its Pepsi Mic Drop genesis NFT collection.
This year, consumers might not be as surprised by what's under their trees as by the trees themselves. Despite a tighter market for trees, Stew Leonard's was able to secure its entire stock of Christmas trees from a supplier in Quebec. But some prices jumped this year as a result of increased costs for shipping and labor amid the COVID-19 pandemic. Cheddar's Chloe Aiello reports.
Dr. Travis Langley, Professor of Psychology at Henderson State University, joins Cheddar Reveals to discuss why the Joker is widely considered the best villain of all time and a prevailing figure in pop culture and provides insight into the psychological and cultural reasons we find him so fascinating.
On this episode of Cheddar Reveals, Dr. Travis Langley, Professor of Psychology, Henderson State University, discusses why the Joker is widely considered the best villain of all time and a prevailing figure in pop culture and provides insight into psychological and cultural reasons we find him so fascinating; Jonathan Gayles Professor and Chair, Department of Africana Studies at Georgia State University, dissects the diversity efforts in representations of superheroes and villains in comics and Hollywood films; Cheddar gets a look at Curiosity Stream's 'My Comic Shop Country.'
Jonathan Gayles Professor and Chair, Department of Africana Studies at Georgia State University, joins Cheddar Reveals to dissect the diversity efforts in representations of superheroes and villains in comics and Hollywood films.
