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All assets associated with the tag: debt reduction

Debt reduction Coverage

Americans are financially extended to start the year - with one generation feeling particularly strained.

Millennials are running up more debt than ever before

Credit card payment

Americans' credit card debt reached $1.02 trillion in the second quarter (Q2) of 2023, according to Experian data. That marks the first time credit card balances have ever surpassed the $1 trillion mark.

5 steps to a debt-free life

5 ways to live a debt-free life

There is a lot of uncertainty about exactly what would happen if the U.S. defaults on its debt despite several debt limit crises in the past, like in 2011.

TODAY ABOUT THEIR CONCERNS ON THIS. >> I DID, DEBORAH. AND WHILE THIS CERTAINLY ISN'T THE FIRST DEBT LIMIT CRISIS IN THE UNITED STATES, THERE'S A LOT OF UNCERTAINTY OVER WHAT COULD HAPPEN IF THE GOVERNMENT DEFAULTS. >> THE U.S. HIT ITS 31.4 TRILLION DOLLAR DEBT CEILING IN JANUARY. AND IT'S FAST APPROACHING THE SO-CALLED X DATE, THE DATE WHEN TREASURY WILL HAVE INSUFFICIENT CASH TO COVER ITS FINANCIAL OBLIGATIONS. WE SHOULD BE PLAYING GAMES >> AND IT SHOULDN'T BE SHOULD BE A POLITICAL SITUATION THAT WE PLAY GAMES WITH IT. >> WITH ALL THE KNOWN DEAD, ACCORDING TO THE BIPARTISAN POLICY CENTER'S. IF THE U.S. HITS AT X STATE WITHOUT VOTING TO RAISE THE DEBT LIMIT, SOCIAL SECURITY PAYMENTS COULD BE I DISAGREE WITH WHAT'S GOING ON WITH THAT. >> I MEAN, WE ACTUALLY THINK THAT PEOPLE WORK ALL THEIR LIFE. I LIKE BEING IN THAT SOCIAL AND NOW THEY'RE NOT GETTING WHAT THEY'RE SUPPOSED TO BE GETTING APPRECIATE SOCIAL SECURITY, BUT I DON'T NEED SOCIAL FROM FROM MY WILL TO SOME PEOPLE WHO WE SHOULDN'T TO FOLLOW. THAT IS BECAUSE THAT'S A PROMISE. ALL THESE HEAR THE PAIN IN THE SEARCH FOR SECURITY SHOULD BE THERE. ACCORDING TO THE AMERICAN ASSOCIATION OF RETIRED PERSONS >> MORE THAN ONE IN 5 NORTH CAROLINA RESIDENTS RECEIVE SOCIAL SECURITY BENEFITS FOR 25% OF THOSE PEOPLE IS THEIR SOLE SOURCE OF INCOME >> I HOPE HE IS ADVOCATING THAT THE SOCIAL SECURITY BE OFF THE TABLE. BOTH PARTIES BOTH REPUBLICANS AND DEMOCRAT LEADERSHIP THAT HAS HAS BEEN SAYING THAT SOCIAL SECURITY WILL NOT BE PART OF THE DEBT NEGOTIATIONS. IT'S TO IMPORT DINERS HERE. SO THEY HAVE OTHER CONCERNS. NATIONAL DEFENSE NUMBER ONE, NUMBER ALL FEDERAL PROGRAMS THAT PROVIDE ASSISTANCE TO THE STATES OR TO LIKE IT OR NOT. THAT'S WHAT WE LIVE ON THESE DAYS. >> SOCIAL SECURITY PAYMENTS AREN'T THE ONLY FEDERAL PAYMENTS THAT COULD BE IMPACTED MEDICARE AND FUNDING FOR FOOD STAMPS COULD BE AFFECTED. AND EVEN IF AN AGREEMENT IS REACHED OVER THE DEBT LIMIT, MY CONCERN IS THAT THEY KEEP MAKING IT AN ISSUE EVERY YEAR. >> NOW THE LAST MAJOR DEBT CRISIS, IT WAS IN 2011 AND LOVE THAT CRISIS WAS AVERTED. THE MARKETS PLUMMETED AND THE U.S. CREDIT RATING WAS DOWNGRADED FOR THE FIRST TIME EVER. DEBORAH. WE'LL BE

What the US debt ceiling debate in Washington, DC means for you

(CNN) -- President Joe Biden on Wednesday sought to lay out how he'll continue to negotiate with congressional leaders on the budget to raise the debt ceiling - underscoring that all parties agreed that the United States would not default.

Biden says he's confident leaders will reach an agreement on debt limit

Financial experts say to avoid the credit debt trap, consolidate all your debt onto one lower-interest card.

WRAL NEWS AVAILABLE ON YOUTUBE TV IN THE WRAL APP ON YOUR TV OR STREAMING DEVICE. WAR DEAD, FEWER PERKS. MANY EXPERTS SAY THAT ABOUT SUMS UP CREDIT CARD USE IN THE NEW YEAR AHEAD. >> KARIN CAIFA SHARE SOME EASY WAYS TO KEEP DEBT UNDER CONTROL IN 2023. >> AMERICANS WILL HAVE COLLECTIVELY RACKED UP ABOUT 900 BILLION DOLLARS BY YEARS AND SAYS THE SENIOR VICE PRESIDENT AND TRANS UNION STILL OTHER ANALYSTS EXPECT THOSE BALANCES TO GROW IN 2023, EVEN IF THE PACE TAPERS OFF A LITTLE ONE BIG REASON MORE CONSUMERS ARE USING CREDIT CARDS THAT SPREADS MORE RISK AMONG BORROWERS LEADING TO HIGHER DEBT PER PERSON AND A GREATER CHANCE OF DELINQUENCY. OTHER FACTORS, WAGES ARE NOT KEEPING UP WITH INFLATION AND PRICES ON MANY EVERYDAY ITEMS ARE STILL HIGH. THIS AS MORE PEOPLE LIVING OFF PLASTIC JUST TO MAKE ENDS MEET EACH MONTH. THE FEDERAL RESERVE HAS BOOSTED INTEREST RATES MULTIPLE TIMES THIS YEAR. SO PAYING DOWN EVEN ONCE MANAGEABLE BALANCES TAKES LONGER AND EATS INTO THE HOUSEHOLD BUDGET MARGIN FOR MANY WORKING FAMILIES. MANY CREDIT CARD COMPANIES ARE ALSO SCALING BACK THOSE REWARDS AND PERKS. THEY LURE YOU IN WITH A COUPLE YEARS AGO. EXPERTS SAY TO AVOID THE CREDIT DEBT TRAP, CONSOLIDATE ALL YOUR DEBT ONTO ONE LOWER INTEREST CARD. IDEALLY DURING A 0 INTEREST BALANCE TRANSFER PROMOTION. IF YOU ARE ELIGIBLE ATTACK THAT BY PAYING OVER THE MINIMUM AMOUNT DUE EACH MONTH AND IN THE MEANTIME, DON'T USE ANY OF THE CARDS YOU CONSOLIDATED YOUR CREDIT SCORE WILL ALSO THANK

How to manage credit card debt in the New Year

The Federal Reserve reinforced its inflation fight Wednesday by raising its key interest rate for the seventh time this year and signaling more hikes to come.

NEWS COVERAGE YOU CAN COUNT ON. >> THIS MAY COME AS NO SURPRISE, BUT THE RALEIGH METRO AREA IS GROWING FAST. WE KNOW THAT'S RIGHT. A NEW REPORT FINDS IT IS THE SECOND FASTEST GROWING METRO IN THE U.S.. THE REPORT FOUND THE AREA GREW BY CLOSE TO 150,000 PEOPLE. THE INSPECTION SUPPORT NETWORKS ANALYSIS INCLUDED WAKE JOHNSTON AND FRANKLIN COUNTIES IN THAT METRO IN MEASURED AREAS ON SIZE AND PERCENTAGE GROWTH OF POPULATION. WELL, IF YOU ARE USING A CREDIT CARD TO BUY CHRISTMAS PRESENTS, YOUR BILL MAY BE ABOUT TO GET BIGGER. THE FEDERAL RESERVE ANNOUNCED ITS 7TH INTEREST RATE HIKE THIS YEAR. IT RAISE THAT RATE BY 0.5%. THAT MEANS ANYTHING WITH A VARIABLE INTEREST RATE WILL GO UP 5 ON YOUR SIDE'S KEELY. ARTHUR TELLS YOU HOW MUCH MORE DID YOU MAY BE IN AND WHAT TO DO ABOUT IT. >> AS WONDERFUL, THERE'S SO MUCH ENERGY AND EXCITEMENT. KERRY MOM, BETH BRASWELL, WANTS TO GO HOME WITH PRESENTS AND I'M HEADED TO BUY >> A GIFT FROM ANOTHER FRIEND RIGHT NOW, NOT A CREDIT CARD BALANCE WILL ACT PERSONALLY. I TRY NOT TO USE CREDIT THAT MUCH. ARE YOU NOT PAY IT OFF EVERY I THINK THAT'S A SMART AWAY. JUST TO LIVE YOUR LIFE IN GENERAL. IF YOU'RE IN THE MAJORITY AND YOU CARRY A BALANCE, DON'T FEEL BAD. MOST AMERICANS DO. IN FACT, 30% OF PEOPLE HAVE A CREDIT CARD BALANCE BETWEEN $1000 AND $5,000. IF THAT'S YOU, YOU NEED TO START PAYING IT DOWN BECAUSE NO MATTER WHAT IF YOU HAVE A VARIABLE RATE, WHICH MOST OF ITS 2, IT'S ABOUT TO GO UP TODAY. FROM SEE RAISED OUR POLICY INTEREST RATE BY A HALF PERCENTAGE POINT. KNOW WHAT YOU HAVE TO SPEND BEFORE YOU GET TO THE STORES. THE LATEST INTEREST RATE HIKE WILL INCREASE YOUR CREDIT CARD INTEREST RATE. >> LET'S SAY YOU HAVE A $5,000 BALANCE. IF YOU HAD A VARIABLE INTEREST RATE OF 16% AND PAID IT OFF IN A YEAR, YOU WOULD PAY ABOUT $444 IN INTEREST. IF YOUR RATE WENT UP 19%, WHICH IS VERY POSSIBLE, YOU WOULD NOT PAY $529 IN INTEREST. IT'S NEVER TOO LATE TO REWRITE YOUR MONEY STORY. YOU CAN START TODAY AND HAVE AN ENTIRELY DIFFERENT FINANCIAL FUTURE. SOME FINANCIAL EXPERTS RECOMMEND PINPOINTING YOUR CREDIT CARD WITH THE HIGHEST INTEREST RATE THROW AS MUCH MONEY AS YOU CAN ADD IT. AND ONCE IT'S PAID OFF, MOVE ON TO THE NEXT KEEP CONTRIBUTING TO YOUR INVESTMENTS AND SAVINGS WITH SAVING MONEY IN OTHER WAYS, A WAY TO DO THAT RIGHT NOW. CUT DOWN ON YOUR HOLIDAY SHOPPING. YOU HAVE TO BE MORE DELIBERATE ABOUT WHAT YOU'RE BUYING. THINK ABOUT SMART CHOICES. KEELY ARTHUR, 5 ON YOUR SIDE. >> NOW, THE VERY LEAST 5 ON YOUR SIDE RECOMMEND YOU PAY DOWN YOUR MONTHLY MINIMUM BALANCE IF YOU DON'T, YOU MAY

How to reduce credit card debt after Fed increases interest rates again

Are you struggling with credit card debt, student loans, medical bills or car loans? In the frugal living article for this week, we are talking about how to get out and stay out of debt. Read on for a step by step guide to tackle that debt once and for all!