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CBS News
10 minutes ago
- CBS News
Paying down credit card debt is a top goal for Americans: Here's how to do that now
With average credit card interest rates hovering close to 22%, the cost of carrying balances has become more than just a nuisance. It's a significant financial burden. But if recent statistics are any indication, Americans are taking their collective $1.21 trillion in credit card debt seriously. According to the 2025 Credit Check-In by Happy Money, released this week, nearly 60% of U.S. adults consider paying down credit card balances a top financial priority right now, highlighting a growing awareness of the risks of carrying high-rate debt. But while the motivation to pay off credit cards is clear, the survey also shows that about 45% of adults have more than one credit card balance currently. That's perhaps unsurprising, given how reliant cardholders have become on this type of short-term borrowing in today's high-rate, inflationary landscape. However, owing money on more than one credit card can make it even more difficult to get rid of what's owed. And, the differing due dates and payments on those card accounts can further complicate the process. With the right approach, though, even the most complex debt picture can be simplified and tackled successfully, reducing the payoff timeline by months or even years. So, what strategies will actually help move the needle with your credit card debt? That's what we'll answer below. Find out how you can get help with your high-rate credit card debt today. The debt relief approaches outlined below can be used to reduce what you owe while making your payments more manageable: Credit card debt forgiveness, also commonly referred to as debt settlement, is a process that involves negotiating with creditors to try and reduce the total amount you owe. While you can attempt to navigate this on your own, many borrowers use a debt relief company to work on their behalf to secure settlements that are 30% to 50% lower than what they currently owe (on average). This strategy generally requires you to be facing a financial hardship, like a job loss, divorce or medical issue, that makes it tough to meet your current debt obligations. And, if you qualify, it may have a negative impact on your credit score. If the negotiations are successful, though, this process can accelerate repayment and decrease the overall cost of debt. Learn more about debt forgiveness and your other debt relief options here. A debt management plan through a credit counseling agency is another option to consider. When you take this route, the credit counselor you work with will help you create a plan that lowers your interest rates and fees while consolidating multiple credit card payments into a single monthly payment made to the counseling agency. The agency then distributes the funds to your creditors. The reduced rates and fees make it easier to pay off your balances over time, and having a single payment obligation each month can make your debt easier to manage. You should note, however, that enrolling in a debt management plan may require you to close the credit cards included in the plan. Maintaining on-time payments is also critical if you want to avoid additional fees or account closures. Credit counselors don't just provide you with access to debt management programs. They can also offer personalized guidance on managing money and repaying debt. This can include advice on cutting expenses, prioritizing payments and avoiding future debt, all of which can be useful in both the short- and longer-term. If you're going to successfully use this strategy, though, it's important to approach credit counseling with an open mind and be ready to adjust your spending habits. If you're still current on your payments but are facing a financial setback, you may want to look into any credit card hardship programs your issuers offer, which may temporarily reduce monthly payments, lower interest rates or waive late fees. These programs can be particularly useful for those facing short-term financial challenges, such as a job loss or medical expenses. It's worth mentioning, however, that hardship programs are typically a temporary fix, and not all issuers offer them, nor do all borrowers qualify to enroll. If you're juggling multiple balances, debt consolidation through a loan or balance transfer credit card can simplify the repayment process and reduce the interest rate you're paying on your debt. By consolidating your debt, you're rolling multiple payments into a single monthly obligation. That makes it easier to track your progress while reducing the risk of missing payments, which can lead to fees and additional interest. You may also have the option to enroll in a debt consolidation program through a debt relief company. Like traditional debt consolidation, the goal of these programs is to roll multiple debts into one loan and lower your rate overall. The big difference is that the loan is issued through the debt relief company's third-party lender partners, who typically have more flexible borrowing parameters than a traditional lender, making it easier to qualify. Americans are prioritizing credit card debt repayment right now, and the numbers show why: Balances are high, interest rates are steep and the stress of juggling multiple accounts is real. Breaking free from credit card debt requires more than good intentions, though. It also requires a strategic approach, and, in many cases, some tough decisions about changing your financial habits. With a clear plan in place, however, what feels like an overwhelming mountain of debt right now can become a manageable path toward financial freedom.
Fast Company
39 minutes ago
- Fast Company
Retail sales rise in July as shoppers rush to spend ahead of tariffs
Shoppers spent at a healthy pace in July, particularly at the nation's auto dealerships, even as President Donald Trump 's tariffs start to take a toll on jobs and lead to some price increases. But the figures also underscore anxiety among Americans: all the uncertainty around the expansive duties appears to be pushing them to step up their purchases of furniture and other items ahead of the expected price increases, analysts said. Retail sales rose a solid 0.5% last month from the previous month, and June spending was stronger than expected, according to the Commerce Department's report released Friday. June's retail sales were revised upward to 0.9% from the original 0.6% increase, the agency said. The pace in July matched economists' estimates. The increases followed two consecutive months of spending declines in April and May. Excluding auto sales, which have been volatile since Trump imposed tariffs on many foreign-made cares, retail sales rose 0.3% in July. Auto sales rose 1.6%. They appear to have returned roughly to normalized spending after a surge in March and April as Americans attempted to get ahead of Trump's 25% duty on imported cars and parts and then a slump after that, according to Samuel Tombs, chief U.S. Economist at Pantheon Macroeconomics. The data showed solid spending across various stores. Business at clothing stores and online retailers saw increases. Business at home furnishings and furniture stores had strong sales gains. However, at electronics stores, sales were down. And business at restaurants, the lone services component within the Census Bureau report and a barometer of discretionary spending, also fell, as shoppers eat at home to save money. A category of sales that excludes volatile sectors such as gas, cars, and restaurants rose last month by 0.5% from the previous month. The figure feeds into the Bureau of Economic Analysis's consumption estimate and is sign that consumers are still spending on some discretionary items. Tuan Nguyen, an economist at RSM US, noted the difficulty of attributing the entire July gain to resilient American shoppers given so much uncertainty surrounding the economy and tariffs. A sizable portion of the gain likely came from rising prices of imported goods under the impact of tariffs, he said. Nguyen also noted he can't dismiss the possibility that consumers once again pulled forward their spending ahead of the August tariff deadline, taking advantage of Amazon Prime Day sales as well as competing sales from the likes of Walmart and Target. In fact, Nguyen noted the sharp rise in furniture sales, for example, appeared to indicate shoppers were trying to get ahead of the duties. 'There is nothing fundamentally wrong with American households that would suggest a spending recession given that shoppers are in a strong enough financial position to accelerate purchases,' he wrote. 'With so much noise in the data, the rest of the year promises to be a wild and bumpy ride.' Earlier this month, the Labor Department reported that U.S. hiring is slowing sharply as Trump's trade policies paralyze businesses and raise concerns about the outlook for the world's largest economy. U.S. employers added just 73,000 jobs last month, the Labor Department reported, well short of the 115,000 expected. Another government report, issued Tuesday, on U.S. inflation showed that inflation was unchanged in July as rising prices for some imported goods were offset by declining gas and grocery prices, leaving overall prices modestly higher than a year ago. Consumer prices rose 2.7% in July from a year earlier, the same as the previous month and up from a post-pandemic low of 2.3% in April. On a monthly basis, prices rose 0.2% in July, down from 0.3% the previous month, while core prices ticked up 0.3%, a bit faster than the 0.2% in June. The new numbers suggest that slowing rent increases and cheaper gas are offsetting some impacts of Trump's sweeping tariffs. Many businesses are also likely still absorbing much of the cost of the duties. The consumer price figures likely reflect some impact from the 10% universal tariff Trump imposed in April, as well as higher duties on countries such as China and Canada. But that may change. U.S. wholesale inflation soared unexpectedly last month, signaling that Trump's taxes are pushing costs up and that higher prices for consumers may be on the way. The Labor Department reported Thursday that its producer price index — which measures inflation before it hits consumers— rose 0.9% last month from June, biggest jump in more than three years. The report comes as major retailers like Walmart and Target are slated to report their fiscal second-quarter earnings reports starting next week. Analysts will study the reports to get insight into the state of consumer behavior. But they will also monitor how much stores are passing on the tariffs costs to shoppers. In May, Walmart, the nation's largest retailer, warned t hat it had increased prices on bananas imported from Costa Rica from 50 cents per pound to 54 cents, but it noted that a large sting for shoppers wouldn't start to appear until June and July. But a growing list of companies including Procter & Gamble, Cosmetics, Black & Decker and Ralph Lauren told investors in recent weeks that they plan to or have already raised prices. Some are trying to be selective and focusing on raising prices on just their premium products as a way to offset the higher costs from tariffs. Warby Parker, which has been shifting their sourcing away from China, told analysts last Thursday that it plans to keep its $95 option. But it's increasing prices on select lens types. It also wants to cater more to older shoppers who need more expensive progressive lens. Warby Parker said that progressives, trifocals and bifocals make up roughly 40% of all prescription units sold industrywide. But just 23% of Warby Parker's business now is made up of progressives, its highest priced offering and offer the highest profit margins. 'We were able to quickly roll out select strategic price increases that have benefited our growth,' Neil Blumenthal, co-chairman and co-founder and co-CEO of Warby Parker, told analysts last week.
Newsweek
40 minutes ago
- Newsweek
Trump-Putin Meeting: Alaska Minerals Update Issued by Russian Lawmaker
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. A senior Russian lawmaker said Russian corporations could be interested in developing rare earth metals in Alaska just a few days before the face-to-face meeting between President Donald Trump and President Vladimir Putin in Alaska. Viktor Vodolatsky amplified reporting that U.S. officials had discussed economic incentives intended to encourage a Russian halt to the war in Ukraine, and suggested that "it would be interesting for our large companies and corporations" to work in Alaska. Newsweek reached out to the White House via email for comment. Why It Matters Trump and Putin are slated to meet in Anchorage, Alaska, on Friday. The high-stakes meeting comes three-and-a-half years into Russia's war with Ukraine, which Trump pledged to end on his first day back in office. Trump has warned that if Russia doesn't come to the table to end the fighting, it will face serious consequences, likely economic. In recent months, the Trump administration has lauded various peace agreements and negotiations during Trump's first six months. What To Know Vodolatsky, the first deputy chairman of the State Duma committee on CIS affairs, Eurasian integration and relations with compatriots, said in an interview with Russian news agency Tass that it "would be interesting for our large companies and corporations to work on the lands of Alaska, developing the natural resources that exist there, or jointly creating companies for the development and extraction of minerals with the Americans." Russian presidential aide Yury Ushakov said Trump and Putin would focus on options for achieving a long-term peaceful settlement of the Ukrainian crisis during their meeting in Anchorage. President Donald Trump speaks to reporters as he departs the White House on August 1, 2025. President Donald Trump speaks to reporters as he departs the White House on August 1, 2025. Getty Images The Daily Telegraph reported on Wednesday that Treasury Secretary Scott Bessent is exploring the economic trade-offs the United States can make with Russia in order to facilitate a ceasefire and peace agreement. These include giving Putin access to the rare earth minerals in the Ukrainian territories Moscow partially occupies, as well as opportunities to tap into the natural resources in the Bering Strait between Alaska and Russia's eastern coast. There has been no confirmation from the White House or Alaskan officials that such a proposal is on the table. What People Are Saying President Donald Trump told reporters on Thursday: "We're going to see what happens with our meeting. We have a big meeting. It's going to be very important for Russia and very important for us. And important to us since we're trying to save a lot of lives... As far as rare earth, that's very unimportant. I'm trying to save lives." What Happens Next The leaders are scheduled to meet in Anchorage today in a session that Russian officials described as focusing on a long-term settlement of the Ukrainian crisis and that U.S. officials described as a preliminary, "listening" meeting.
