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CBS News
7 days ago
- Business
- CBS News
Want to pursue credit card debt forgiveness this August? Do these 5 things now.
High credit card balances can feel impossible to escape, especially right now, as today's high credit card interest rates can cause the interest charges to compound quickly. And, that's especially true for those making just the minimum payments, as the majority of that money goes toward interest rather than the principal balance. As the balance on your credit card grows, though, debt forgiveness — which is a debt relief strategy where you try to settle your debt for less than what's owed — may feel like the only way out. But while credit card debt forgiveness can help you save substantial amounts compared to your current credit card debt, the process isn't as simple as calling up your credit card company and asking for part of your debt to be forgiven. Having any portion of your debt forgiven can be complex, requiring strategy, preparation, and in many cases, some tough trade-offs. If you rush in without a plan, you could hurt your credit, face unexpected tax bills or end up no better off than where you started. So, if you're serious about pursuing credit card debt forgiveness this August, now is the time to prepare. Find out how you can start the credit card debt forgiveness process today. Taking the steps outlined below will help you prepare for the debt forgiveness process and could even improve your chances of success. If you're serious about pursuing debt forgiveness, you cannot continue adding to your balances, or you'll have a much harder time during the negotiation process. This might seem obvious, but it's a step many people struggle with. So, put your cards away, remove them from your wallet and delete them from any online shopping accounts. The goal here is to avoid any new charges that could derail your debt relief efforts. Your creditors are much more likely to negotiate if they see you're not continuing to rack up bills while seeking relief. And, most debt forgiveness programs require that you stop using credit cards entirely anyway, so reining in your usage now will benefit you in multiple ways over the long run. Learn more about debt forgiveness and your other debt relief options now. Before you can pursue any form of debt relief, including debt forgiveness, you need to have a clear picture of exactly what you owe, so gather statements for every credit card, store card, and revolving credit account you have. Then, use that information to create a spreadsheet that includes the creditor name, current balance, minimum payment, interest rate and payment due date for each account. Don't forget about any cards you might have tucked away in a drawer, either. Those balances count, too. Once you've completed this step, the inventory you've created will serve as your roadmap and help you prioritize which debts to address first. Many people are surprised to discover they owe more than they initially thought, making this exercise both eye-opening and essential. Creditors and debt relief programs want to see legitimate financial hardship before they'll consider forgiving portions of your debt, so start gathering documentation that supports your case. This can include recent pay stubs, unemployment notices, medical bills, divorce papers or any other paperwork that demonstrates why you're struggling financially. You may also want to write a brief hardship letter explaining your situation in your own words, which should clearly outline the ongoing financial issues that are impacting your ability to pay. This documentation will be crucial whether you're working directly with creditors or through a debt relief company. When you pursue debt forgiveness, you can either attempt to negotiate directly with creditors on your own or you can work with a debt relief company instead. Taking a DIY approach requires confidence and persistence, but it can also save you thousands of dollars in debt relief fees. However, many people choose to work with debt relief companies to negotiate on their behalf, as doing so can improve the odds of a successful settlement. Not all companies are reputable, though, so if you're going to take this route, be sure to do your homework and look for companies that: Creditors are more likely to settle if you can offer a substantial payment upfront. So, it can be helpful to open a dedicated savings account and start setting aside every spare dollar you can to use toward those lump-sum settlement offers. This step can be helpful even if you're planning to use a debt relief company to help navigate the debt forgiveness process, as any company you work with will require you to put money aside each month for the same purpose. And remember: The more you can save, the stronger your negotiating position will be — and the faster you can resolve your debt. Pursuing credit card debt forgiveness isn't a quick fix, but with proper preparation, it can provide a pathway out of overwhelming debt. And, the steps you take this August will set the foundation for the outcome, so take time now to do things like evaluate your finances, save for a settlement and document your hardship. The process isn't easy, but with the right groundwork, you'll be better positioned to negotiate with creditors and move one step closer to a debt-free future.
Yahoo
17-07-2025
- Business
- Yahoo
4 Ways Warren Buffett's Strategy Differs From the Typical Wall Street Investor's
Unless your name is Elon Musk, Mark Zuckerberg, Larry Ellison, Jeff Bezos or a handful of others, you probably don't have nearly as much money as Warren Buffett. The legendary Berkshire Hathaway CEO is worth an estimated $154 billion, according to the latest Forbes data, ranking him as the sixth-richest person in the world. Buffett didn't get there by following the same rules as others. In fact, one of the Oracle of Omaha's most famous quotes is to 'be fearful when others are greedy, and be greedy when others are fearful.' Read Next: Find Out: Here are four ways Buffett's strategy differs from the typical Wall Street investor. He Doesn't Follow the Pack As the above quote about being fearful and greedy demonstrates, Buffett does not get caught up in standard narratives when it comes to investing. The quote came from a 2008 op-ed Buffett wrote for The New York Times, during the height of the global financial meltdown and Great Recession. While others were skittish about buying stocks, Buffett looked at the crash as a buying opportunity. 'Bad news is an investor's best friend,' Buffett wrote in the op-ed. 'It lets you buy a slice of America's future at a marked-down price.' The philosophy works in the other direction as well. When most Wall Street investors are rushing in to buy stocks during a bull market, Buffett often sits it out until prices moderate again. Check Out: He Focuses on the Long Term Many investors aim to make a quick killing on Wall Street by chasing profits or making frequent trades, but that's not Buffett's style. As noted, Buffett's investment horizon 'has always been measured in decades, not quarters.' This differs from many Wall Street investors who base buying and selling decisions on whether companies hit their quarterly sales and earnings targets. He Only Invests In Companies He Understands You don't necessarily need to be an expert in a particular technology or market sector to profit from it, but it helps to have a decent grasp of a company's business model. Unfortunately, many investors pour money into companies with little or no knowledge of those companies' leadership teams, end markets, profit margins, etc. One of Buffett's core principles is to invest in businesses he understands. As part of that principle, he looks for companies with strong management, predictable revenue and earnings streams, loyal customers, and a competitive edge. He Doesn't Overpay for Stocks Buffett is famous for being a value investor, which means he pays close attention to a company's stock price and whether that price aligns with its financial results. This sets him apart from investors who chase high-flying stocks that boast promising ideas or technologies but have yet to earn a profit or even build a reliable customer base. Another of Buffett's famous quotes — 'Price is what you pay, value is what you get' — reflects his focus on value investing. He believes it's more important to focus on the value a company provides rather than simply its stock price. More From GOBankingRates 8 Common Mistakes Retirees Make With Their Social Security Checks This article originally appeared on 4 Ways Warren Buffett's Strategy Differs From the Typical Wall Street Investor's Sign in to access your portfolio
Forbes
15-07-2025
- Business
- Forbes
The Retirement Lie: Why Most Savers Struggle To Spend
Mike Zaino, of The Zaino Group, is a Registered Financial Consultant and National Retirement Counselor serving federal and postal employees. Let me ask you something: You ever meet someone who's worked their whole life, saved like crazy, maybe skipped a few vacations or held off on that dream car—only to get to retirement and still live like they're going broke? Yeah. It happens more than you think. Too many retirees treat their hard-earned savings like a museum artifact: don't touch it. But what if I told you that with a solid strategy, you could give yourself permission to actually enjoy what you've built? Not recklessly, but responsibly. That's the idea behind a 'license to spend.' And no, it's not a permission slip from your grandkids. It's about creating a financial foundation that lets you live retirement with confidence, not caution. It's the peace of mind that comes from knowing your income is guaranteed, for life. The Real Problem: Fear Of Running Out Of Money Let's face it: Retirement isn't what it used to be. Pensions are rare, Social Security might not cover your lifestyle and you're managing your own savings through market chaos. That's a lot of pressure. So it's no wonder folks tiptoe through their golden years, terrified they'll run out of money before they run out of breath. And that fear? It's stealing the joy out of retirement. Oftentimes, people aren't spending less because they can't. They're underspending because they don't feel safe. I see it every week. Clients will have half a million or a million dollars socked away, but are still clipping coupons. Not because they want to, but because deep down, they're scared. Scared of the unknown. Scared of getting old. Scared of medical bills. Scared of being a burden. But what if there was a way to eliminate that fear? Enter The License To Spend A 2024 report from the Alliance for Lifetime Income's Retirement Income Institute discussed the concept of a 'license to spend.' When part of your retirement money is turned into guaranteed income—through a pension, annuity or even delayed Social Security—you feel more comfortable spending it. The report notes that retirees with guaranteed income sources spend significantly more than those relying on withdrawals alone. Why? Because guaranteed income provides predictability. It feels like a paycheck. And a paycheck doesn't feel like you're eroding savings; it feels like living. It's a lot easier to enjoy your morning coffee on the porch when you know the check is still coming next month—and the month after that—no matter what the stock market's doing. Behavioral Finance: The Brain's Sneaky Tricks Here's where it gets interesting. Even when people have plenty of money, they don't treat it all the same. The research shows they'll spend more freely from income (such as a pension check), but they'll guard their savings (such as a 401[k] account). That's behavioral finance at work. See, pulling $10,000 from an IRA feels painful, like you're losing something. But getting $833 a month in guaranteed income? Totally fine. It's the same money, but totally different psychology. Why? Because recurring income behaves like a paycheck. It feels normal, nonthreatening. It removes the mental friction. And that friction is what causes people to under-enjoy their retirement. Retirement Shouldn't Feel Like Deprivation I once had a client—let's call her Judy—who had $1.2 million saved. No debt. Great health. She came in looking like she hadn't bought new shoes in a decade. When I asked about her dream, she whispered, 'I'd love to visit Italy. But I'm not sure I can afford it.' Folks, she could've bought a vineyard. What was stopping her? Fear. Even with all that money, she didn't have permission—that license to spend. But once we converted a portion of her savings into guaranteed lifetime income, it was like flipping a switch. Judy booked that trip. She came back glowing. Then she took her grandkids to Disney. Not all at once—she's not crazy—but the point is, she finally felt safe enough to live. And she didn't spend recklessly. She spent joyfully. Intentionally. That's what this is about. The Strategy: It's Not Rocket Science Here's the best part: Giving yourself a license to spend doesn't require genius-level math. It just involves covering your essential expenses with guaranteed income sources. Think: Social Security, pensions (if you're lucky enough to have one) and annuities. Let your investments cover the discretionary stuff, such as travel, hobbies, spoiling the grandkids. That's called a 'flooring strategy,' and it's a helpful way to turn anxiety into peace of mind, especially if you automate withdrawals to simulate a paycheck. That way, you don't have to second-guess every dollar. It becomes routine and predictable. And predictable equals peace. Why This Matters Now More Than Ever With traditional pensions disappearing and lifespans stretching, retirees need smarter tools to generate predictable income. The old model—living off the interest and hoping for the best—is outdated. Guaranteed income can help you thrive, not just survive, in retirement. The study confirms this: People spend not based on what they have, but what they feel safe receiving. Guaranteed income gives them permission. The license to enjoy. That's not just good for individual retirees. It's good for the economy, too. Retirees who feel confident spend more. That fuels businesses and supports communities. Let me say it plain: You didn't save your whole life just to live like you're broke. You saved to live like you're free. You Earned This Look, I know it's hard to shift your mindset. You've been told for decades to save, save, save. That's great advice—until it's time to stop saving and start living. And that transition? That's where the magic of guaranteed income comes in. So do yourself a favor: Talk to a financial professional who understands retirement income. Explore your options. And give yourself the greatest gift of all—a life in retirement that feels rich, rewarding and full of 'yes.' Because if not now, when? The information provided here is not investment, tax or financial advice. You should consult with a licensed professional for advice concerning your specific situation. Forbes Finance Council is an invitation-only organization for executives in successful accounting, financial planning and wealth management firms. Do I qualify?
Al Bawaba
09-07-2025
- Business
- Al Bawaba
Arab Bank for Investment and Foreign Trade (Al Masraf) Strengthens Its Growth Strategy with Appointment of Chief Financial Officer
Arab Bank for Investment and Foreign Trade (Al Masraf) has announced the appointment of Hitesh Thakkar as Chief Financial Officer (CFO), in a strategic move that underscores the Bank's commitment to its newly launched 2025–2028 strategy. His appointment marks a pivotal step in strengthening the financial leadership needed to drive sustainable growth, operational excellence and long-term value creation for CFO, Hitesh will play a critical role in shaping and aligning Al Masraf's financial strategy with its long-term vision. He will lead financial planning, performance management and capital efficiency initiatives, while supporting the Bank's transition to a more agile, digitally-enabled operating model. His forward-thinking approach is expected to accelerate execution of the Bank's growth priorities across Corporate, Retail and SME banking brings over 25 years of extensive experience in regional and global financial institutions. He joins Al Masraf from Emirates NBD, where he served as Group Head of Finance for the Retail Banking & Wealth Management division. Previously, he held the position of CFO & Head of Strategy at Emirates Islamic, where he played a key role in the bank's transformation and financial turnaround. His earlier leadership roles at ABN Amro, ICICI Bank, and BNP Paribas further reflect his strong track record in financial strategy and Mohamed, Chief Executive Officer of Al Masraf, commented: 'A core focus for Al Masraf has been strengthening our management team, which serves as the foundation for effectively executing our growth strategy and delivering strong results and long-term value for our clients and shareholders. I am delighted to welcome Hitesh for his new roles. He joins at a pivotal time in our growth journey, and I look forward to their valuable contributions in their respective areas.'He added: 'We will pursue our ambitious vision relentlessly and accelerate the pace of investments in our growth strategy with a focus on reinforcing capital efficiency and enhancing our risk and compliance frameworks. We are confident that Hitesh contribution will help us build a more resilient and future-ready financial institution.' Al Masraf's 2025–2028 strategy is centred on improving asset quality, reinforcing its risk and compliance frameworks, and driving sustainable revenue growth across core business segments. The Bank is also advancing its digital transformation through operational agility, process automation, and improved service delivery, solidifying its position as a forward-looking, customer-centric financial institution in the UAE.
Zawya
08-07-2025
- Business
- Zawya
Arab Bank for Investment and Foreign Trade strengthens its growth strategy with appointment of CFO
Abu Dhabi – Arab Bank for Investment and Foreign Trade (Al Masraf) has announced the appointment of Hitesh Thakkar as Chief Financial Officer (CFO), in a strategic move that underscores the Bank's commitment to its newly launched 2025–2028 strategy. His appointment marks a pivotal step in strengthening the financial leadership needed to drive sustainable growth, operational excellence and long-term value creation for stakeholders. As CFO, Hitesh will play a critical role in shaping and aligning Al Masraf's financial strategy with its long-term vision. He will lead financial planning, performance management and capital efficiency initiatives, while supporting the Bank's transition to a more agile, digitally-enabled operating model. His forward-thinking approach is expected to accelerate execution of the Bank's growth priorities across Corporate, Retail and SME banking segments. Hitesh brings over 25 years of extensive experience in regional and global financial institutions. He joins Al Masraf from Emirates NBD, where he served as Group Head of Finance for the Retail Banking & Wealth Management division. Previously, he held the position of CFO & Head of Strategy at Emirates Islamic, where he played a key role in the bank's transformation and financial turnaround. His earlier leadership roles at ABN Amro, ICICI Bank, and BNP Paribas further reflect his strong track record in financial strategy and governance. Fuad Mohamed, Chief Executive Officer of Al Masraf, commented: 'A core focus for Al Masraf has been strengthening our management team, which serves as the foundation for effectively executing our growth strategy and delivering strong results and long-term value for our clients and shareholders. I am delighted to welcome Hitesh for his new roles. He joins at a pivotal time in our growth journey, and I look forward to their valuable contributions in their respective areas.' He added: 'We will pursue our ambitious vision relentlessly and accelerate the pace of investments in our growth strategy with a focus on reinforcing capital efficiency and enhancing our risk and compliance frameworks. We are confident that Hitesh contribution will help us build a more resilient and future-ready financial institution.' Al Masraf's 2025–2028 strategy is centred on improving asset quality, reinforcing its risk and compliance frameworks, and driving sustainable revenue growth across core business segments. The Bank is also advancing its digital transformation through operational agility, process automation, and improved service delivery, solidifying its position as a forward-looking, customer-centric financial institution in the UAE.
