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Personal finance guru Suze Orman has offered tons of advice to help people get out of debt, save money and pursue their retirement goals. However, during her long career, some of the rules have shifted with the times.
Longer lifespans, a changing work landscape and volatile markets are some of the new factors that have governed how people save and invest money. Using the new money rules can put you in a better position in this ever-changing financial landscape.

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1. Redefine what retirement means to you
For a long time, retirement meant permanently leaving your career behind and having full control over the rest of your schedule. The definition has morphed over time to a lifestyle that offers optimal flexibility. Working part-time, taking sabbaticals and pursuing seasonal work lets you make some extra cash while having control over your schedule.
Some people actually don’t want to stop working, and they prefer gig work over leaving their working years completely. The new rules emphasize designing a life that works for you right now instead of viewing your career life as either all work or none.
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2. Be skeptical of investing fads
When Orman launched her career, there weren’t as many financial influencers like her as accessible as they are today. Social media means that knowledge has become easier to access. But it’s also now easier to come across risky investing strategies that may harm your long-term savings.
Your tolerance for risk changes over time. Younger investors are typically able to take on more risk due to their longer time horizons, while people who are getting closer to retirement tend to focus on more conservative investments. With social media available to offer you insight into risky investments you may not have previously considered, it’s extra important to consider your risk tolerance before jumping in.
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3. Don’t rely on a magic number
Many pieces of retirement advice include a rule of thumb, like saving up a large enough nest egg to cover all of your living expenses and withdrawing around 4% each year in retirement. But rules need to be adjusted based on your personal situation. Some people may want to also focus on how to generate ongoing income.
Social Security and a pension, if available, are obvious forms of income in retirement. But there are other ways to increase your steady income, such as dividend stocks, real estate or part-time work and side gigs.
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4. Protect your future self
It’s common for people to want to travel immediately after retiring to take advantage of their newfound freedom when they’re still younger and healthier than they may be later in life.
But keep in mind that those early years of retirement can have a significant impact on the rest of your retirement years. Withdrawing a lot of money at the start of your golden years reduces how much remaining cash can compound in your investment accounts — especially if you withdraw during a market downturn. While you’re financially planning for your travels, keep in mind that you also want to let your portfolio grow.

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When the Social Security Administration announced its 3.6% cost-of-living adjustment for 2027 last week, it also unveiled another important change — and this one will affect how much some high earners pay in payroll taxes next year.
The maximum amount of annual income subject to Social Security taxes will increase to $192,300, up from $184,500 this year. Social Security taxes help fund retirement, survivor and disability benefits. Most workers pay them automatically through paycheck deductions.
But unlike federal income taxes, Social Security taxes apply only to earnings up to the annual cap. Employees pay 6.2% of their covered wages toward Social Security, and their employers pay another 6.2%. Freelancers and independent contractors pay 12.4% on their own.

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Once workers earn more than the cap, though, they generally stop paying the Social Security portion of payroll taxes for the rest of the year (though Medicare taxes still apply).
The higher cap means some high earners will pay more in Social Security taxes in 2027. It also comes as policymakers debate whether the cap should be eliminated to help address Social Security’s long-term funding shortfall.
How much will you pay in Social Security taxes in 2027?
The amount you’ll pay in Social Security taxes next year depends on how much you earn. The tax rate itself isn’t changing, but the amount of income subject to it is. In 2027, that means a traditional full-time employee will pay a maximum of $11,922.60, up from $11,439 in 2026.
For workers earning at least $192,300 next year, the higher cap means an additional $7,800 in income will be subject to Social Security taxes compared with 2026. That translates to an extra $483.60 increase in the maximum annual employee contribution, with employers paying an additional $483.60.
Self-employed workers, who typically pay both the employee and employer portions of Social Security taxes, will see their maximum contribution increase by $967.20.
“Nothing will change for most workers who already pay the 6.2% tax on all of their income,” says Leo Chen, an assistant professor of finance at the University of South Florida. “But higher earners will see more income become taxable.”
In other words, workers who earn less than the taxable maximum won’t see a change in their Social Security taxes because of the higher cap alone.
Could the Social Security payroll tax cap be eliminated?
Social Security faces a funding shortfall that could eventually lead to benefit cuts if Congress doesn’t act.
The Social Security Board of Trustees’ 2026 annual report projects that the trust fund covering retirement and survivor benefits will deplete its reserves in late 2032. At that point, incoming revenue would cover just 78% of scheduled benefits, resulting in an across-the-board cut for all Social Security recipients.
Sens. Elizabeth Warren, D-Mass., and Bernie Moreno, R-Ohio, said in June that they are working on bipartisan legislation to eliminate the payroll tax cap, arguing that higher earners should pay Social Security taxes on all their wages, rather than only income that falls below the annual limit.
Supporters argue that eliminating this cap would require the country’s highest earners to pay Social Security taxes on all their wages, just as most workers already do. But critics say doing so would weaken the connection between what workers contribute to Social Security and the benefits they eventually receive.
“I think the strongest argument for keeping it is to preserve the link between what someone pays in and what they get out of it,” Chen says.
According to estimates from the Social Security Administration, eliminating the cap beginning in 2027 could close about 58% of the program’s long-term funding shortfall if higher earners didn’t receive larger benefits in return for paying more taxes.
That figure drops to 45% if those additional taxed earnings also counted toward future benefits.
Closing the remaining funding gap would likely require other changes to the program, Chen says, such as additional revenue measures or adjustments to benefits.

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Key Takeaways

Finding passive candidates often means looking beyond applications. Job boards, professional networks and employee referrals can all help surface qualified people.
Employee referrals can help you reach strong candidates who might never come across your job posting on their own.
When you reach out, focus on what makes the open role worth considering. In ZipRecruiter’s latest Survey of New Hires, 50% of new hires cited higher pay and 42% cited better benefits as factors in accepting their offer.

Some jobs are harder to fill than others. Maybe the role calls for a unique mix of technical expertise and industry knowledge. Or the qualifications are so specific that only a narrow slice of the workforce fits the bill.
For these positions, companies often have to broaden their search to include well-qualified workers who aren’t actively looking for a new job.
Recruiting experts call these people “passive candidates,” and say reaching them can be critical to finding the right fit for hard-to-fill roles.
The approach isn’t new. Trent Cotton, head of talent insights at recruiting software company ICIMS, says traditional headhunting was largely built around persuading people who weren’t actively searching to start looking.
But these days, he says, “the threshold for leaving a ‘good enough’ job is higher.”
Here’s how to find the right people — even when they aren’t looking.

Build relationships before you need to hire
One of the best ways to reach off-market employees is through an existing connection. That means showing up where talented people in your industry already gather — conferences, networking events and other professional circles.
“The companies that build these relationships before they have an opening tend to be the ones who get the first access to the top-tier folks,” says Joel Marotti, senior managing partner at career coaching firm Vertical Media Solutions.
Providing valuable insights and content for your industry — reports, studies, trend commentary or local market updates, for example — can also be a good way to build a foundation with top talent. It showcases your brand’s knowledge and expertise while keeping the company top of mind with industry participants.
“Showing up as an employer who contributes to the conversation … builds a presence that makes people come to you,” Marotti says.
Use hiring platforms that match employers with talent
A job posting can only do so much, especially when the people you most want to reach aren’t actively searching.
Sometimes, the smarter move is to go looking for candidates yourself. Many job boards now include searchable candidate databases, which let employers filter by title, skills, experience or location and reach out directly. Some platforms also use matching technology to identify potential candidates and invite them to apply. ZipRecruiter, for one, offers both proactive outreach tools and automated matching features. Employers can also use professional networks like LinkedIn to identify people with relevant backgrounds, including those who aren’t actively job hunting.
The point isn’t to replace the job listing entirely, but to widen the pool beyond the candidates who just happen to come across it.
A live job posting can actually make those conversations a little easier, since it gives someone you contact a quick way to size up the role, pay and responsibilities before deciding whether the conversation is worth having.
Personalize your outreach
When you find someone you’d like to contact, skip the cookie-cutter message. Think of it as a cover letter in reverse: Mention their work, explain why you’re reaching out and make it clear why you think they could be a fit.
Carry that same tone into the first conversation, too. Instead of jumping straight into a pitch, ask what they like about their current role, what they wish were different and what they’re looking for next.
Odds are, pay and benefits are a part of the answer. In ZipRecruiter’s Q2 2026 New Hire Survey, 50% of new hires said higher pay factored into accepting their offer, and 42% cited better benefits. Finding out what matters most to a particular person can help you focus the conversation on what could genuinely make a move worthwhile.
“A passive candidate doesn’t have a job problem; they’re employed,” Marotti says. “What they have is a ‘something is missing’ problem … so the first conversation cannot be a pitch. It has to be a genuine question. What would have to be true about your next role for you to even consider it?”
Make it easy for employees to refer candidates
Current employees have industry connections of their own, and because they know the company firsthand, they’ll be able to recommend people who are a good fit beyond what’s listed on a résumé.
To encourage more referrals, many companies have incentive programs with cash bonuses, extra PTO and other rewards for recommendations that lead to full-time hires.
If you go this route, be sure to give people a simple way to share job postings or submit someone’s information. A short list of priority openings, shared internally on a regular basis, can help those postings travel further and reach people who might not otherwise see them.
“In terms of how these not-actively-looking workers usually find the new job, it’s almost always through trusted channels rather than formal search,” Cotton says.

FAQsWhy is it so hard to find employees right now?Many strong candidates are already employed, and in today’s low-turnover job market, more workers are staying put rather than looking for their next move. And once people land somewhere, they tend to stop hunting: 56.5% of new hires polled by ZipRecruiter in Q4 2025 said they stopped actively job searching after starting their current role.How do companies find employees without recruiters?Most handle recruiting in-house, using job boards, online candidate search tools, professional networks and employee referrals to find potential hires.How do I find employees without spending a lot of money?Finding passive candidates doesn’t have to cost much, though some resources, like candidate databases, do require a paid subscription. Employee referral bonuses are another potential expense, but typically only pay out when someone is hired.How much should an employee referral bonus be?Typical amounts range from a gift card for easy-to-fill jobs to several thousand dollars for specialized ones. Many companies split the payout: half at hire, half once the referral reaches six months.

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For many people, retirement is a long-awaited goal that’s achievable due to consistently saving and investing. But a few poor investment decisions as you near your Golden Years can put a damper on your retirement dreams.
Legendary investor and Berkshire Hathaway chairman Warren Buffett warns against a particular mistake that could be detrimental to your nest egg: emotional investing. Instead, he says to invest in reliable companies and let logic dictate your decisions.

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Leave emotions out of investing
As the adage goes, time in the stock market beats timing the market. But it’s easy to forget that when the market experiences a downturn and your portfolio drops 20%. It may be tempting to panic sell — especially if you are retired and need your nest egg to keep up with your cost of living — but doing so means locking in losses. Selling when stocks are down means you’ll miss out on returns from a market recovery.
Staying calm when others act on emotions can set you up better for market upswings and give your retirement portfolio more time to grow. To be clear, it’s appropriate to sell stocks to fund your retirement needs, but only if doing so is part of your overall plan.
Why emotional investing can hurt more after age 60
Emotional investing is costly for any investor, but it can be especially harmful to people in their 60s and beyond. That’s because the time horizon for your goals is shorter than it was earlier in life.
As a result, your assets have less time to recover from a downturn, since you may need to tap your nest egg in the short term to cover your essentials. Plus, your money has less time to compound.
Buffett’s playbook for late-life stability
Buffett has offered a lot of advice over the years for people who want to avoid emotional investing and build a financial foundation with an emphasis on stability. The first step is making sure you have enough cash reserves to cover your living expenses. Buffett is known for having a large cash position so he can capitalize on buying opportunities. Many experts recommend that retirees keep enough cash on hand to cover one to two years’ worth of their living expenses.
But while retirees’ portfolios may include a significant amount of cash and bonds, it’s also important for their portfolio to keep growing. Buffett recommends investing in quality companies with strong financials and competitive moats — not investing based on a fear of missing out. Buying the latest flashy investments can be extremely risky for retirees.
Buffett has also emphasized the need to be patient with your investments. Keep in mind that money you put into the stock market should be money you won’t need in the short term.
Consistency and stability are the hallmarks of a retirement portfolio that gives you enough cash to enjoy your golden years. Staying calm during downturns is more valuable than chasing dramatic stock price movements or following the herd toward growth stocks. Buffett built wealth that can last for multiple generations by following these principles, and you can use these same concepts to strengthen your finances.

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Paying off your debt before retirement can feel like a massive weight being lifted off your shoulders. But, it isn’t always the best move, especially regarding a mortgage.
The emotional high of paying off a mortgage early may not be worth draining your emergency fund and giving yourself fewer options if you suddenly need extra cash later in life.

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Consider your mortgage rate and liquidity
Your mortgage rate plays a key role in determining if it’s financially smarter to wait or pay off the mortgage sooner. If you have a relatively low mortgage rate, it may make more sense to wait, since you may be able to earn a higher return via investing.
It’s a different story if you have a high mortgage rate. Then, you may be losing money faster by keeping that debt, and it would make sense to pay off the mortgage sooner.
Whether or not you have enough emergency savings to cover a surprise expense also matters. You can borrow against your fully paid-off home if an emergency expense comes up, but that type of financing can take multiple weeks to access. Keeping money in your savings account gives you liquidity that you can use at a moment’s notice.
A good rule of thumb is to keep three to six months’ worth of living expenses in your savings account before prepaying your mortgage — though that can jump to six to twelve months’ worth of expenses for retirees. That can provide a sufficient amount of financial insulation that keeps you away from personal loans and other types of debt if an emergency cost comes up.
What else to consider
Paying off your mortgage early can prevent you from taking mortgage interest deductions that can lower your final tax bill, though that’s only a consideration for people who itemize their deductions instead of taking the standard deduction.
You may also lose some of your liquidity by prepaying your mortgage, and an early payment may come with fees, depending on the terms of your mortgage. If the early payment fees are much lower than your mortgage’s interest rate, then paying it early may be the right move.
Should you use Social Security?
If you pay off a mortgage while working, you still have an annual salary — but that’s not the case when you are retired and collecting Social Security. Using your government benefits can help get you out of debt faster and will free up your budget in the future. However, if Social Security is your only income source, using it to pay off your mortgage sooner can hinder your ability to cover basic expenses.
You still have to consider the other variables, such as your rate, liquidity and ability to cover surprise expenses. For Social Security specifically, it may come down to whether you can comfortably cover your other financial obligations, or if you are already on a tight budget before making additional mortgage payments.
It may make sense to stick with your current schedule even when you start receiving Social Security to give yourself a better financial cushion. But if you have a high rate and putting some extra money into a mortgage each month will not disrupt your quality of life, it may be worth considering using Social Security to pay off your mortgage sooner.
When it makes sense
Each person’s financial situation is different, but there are a few key details to consider. People who have solid cash reserves, no other debt and a high rate on their mortgage can consider paying it off sooner.
It gets more complicated for people with a high rate and no cash reserves, and individuals with high cash reserves but a low mortgage rate.
A good middle ground can be paying a little extra each month. Instead of paying off the entire mortgage early, you can consider putting an extra $100 toward your mortgage each month and whittling it down over time. You can always cut back on these extra payments if they put too much strain on your finances. If possible, it makes sense to discuss your options with a financial advisor.

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Key Takeaways

Many borrowers with unsecured debt are struggling to keep up with their bills. A 2026 Freedom Debt Relief survey found that among borrowers who owe at least $10,000, 20% are behind on at least one account.
Borrowers with federal student loans, tax debts and federally-backed mortgages or business loans through the Small Business Administration may qualify for free assistance programs.
For other types of debt, you’ll have to work directly with your creditor to enroll in a hardship program. You can also consider other debt management options, including credit counseling, debt settlement or bankruptcy.

Getting out of debt can be a long process, especially when high interest rates make it difficult to gain ground. In a recent survey by Freedom Debt Relief, 28% of people with at least $10,000 in unsecured debt said they could afford only the minimum payments, while another 20% were behind on at least one account.
If you’re one of those struggling borrowers, you may be wondering whether the government can help. There are several free government debt relief programs, but they’re generally limited to certain types of government-related debt, such as federal student loans or tax debt. The federal government does not offer broad debt relief programs for private debts such as credit cards or car loans.
That doesn’t mean you’re out of options. Below, we’ll explain which government programs are available, who may qualify and other ways to get help if your debt isn’t covered.

Types of free government debt relief programs
The federal government has a hand in a surprising number of different loan types, and as a result, it often sets up pathways for borrowers to get help if they’re struggling to repay the debt. Here are some of the different types of debt relief options:

Business debt refinance: If you’re struggling to repay a business debt, you may be able to refinance it into an SBA loan with a more affordable payment.
IRS offer in compromise: If you’re unable to pay a federal tax debt, you may be able to settle it for less by offering a payment amount you can afford.
Student loan forgiveness: Borrowers with federal student loans can qualify to have their debt forgiven through a few different routes. One route is tied to your job via programs like Teacher Loan Forgiveness and Public Service Loan Forgiveness. There is also forgiveness through income-driven repayment plans, where your remaining balance is canceled after you’ve made at least 20 years of payments.
Mortgage debt relief: The federal government outlines many support options for people with home loans from Fannie Mae and Freddie Mac, or mortgages backed by specific agencies, including the Department of Veterans Affairs, Federal Housing Administration and Department of Agriculture.
Servicemembers Civil Relief Act: Active-duty service members can benefit from special debt relief options, such as reducing rates on pre-service loans down to 6%.

State governments may have additional programs you can qualify for, but they tend to focus on the same populations — homeowners, certain high-need professions and entrepreneurs, for example.
Unfortunately, outside of these options, the government doesn’t offer much support if you’re trying to get out of debt, especially if you have unsecured debts such as credit card debt or personal loans.
Most government support to individuals comes in the form of need-based grants and new low-interest loans for specific uses (like catching up on overdue home repairs or paying for higher education), rather than offering support for debt that you’ve already incurred elsewhere.
Other ways to become debt free
You’re not alone if you’re not eligible to have your loans forgiven by the government. The good news is that millions of people have gotten out of debt before, and you can, too. Here are some of the ways you can do it:

Focus on your finances: Regardless of how your debt accrued, if you learn how to budget, boost your income and lower your expenses, you can turbocharge your way out of debt.
Try the debt snowball or debt avalanche method: These are methods to help you create a debt payoff plan. After you pay off a debt, rolling that payment toward your next debt — either the one with the highest interest rate or the highest balance — can help you save money and make quick progress toward debt freedom.
Take out a debt consolidation loan: If you’re able to manage your bills but just need a little bit of help, combining your debts into a single, lower-interest rate loan can help you save money. You can opt for a longer repayment term that will lower your monthly payments to help with cash flow, or you keep paying the same amount. The latter won’t free up any money month to month, but it will save you more in the long run.
Negotiate with creditors: You can work directly with your creditors on a more affordable way to repay your debt or even settle it for less than you owe.
Work with a credit counselor: Nonprofit credit counseling agencies can help steer you in the right direction and offer affordable debt management plans, which typically feature one monthly payment and a reduced interest rate on eligible debts. But credit counseling organizations don’t negotiate debt settlement offers.
Hire a debt relief company: The best debt relief companies offer an affordable and transparent program focused on negotiating your debts for less than you owe. These programs typically take between two and four years to work through all your debts, though your first settlement agreement often comes within three to five months.
File for bankruptcy: There are significant downsides to filing for Chapter 7 or Chapter 13 bankruptcy, but it can provide significant relief from your debts under the right circumstances.

What’s the best way to become debt free?
Everyone’s path to getting out of debt will look different, and the best path for you will depend on your individual circumstances and preferences.
Some general ideas apply to everyone, though. For example, you typically need to stop the bleeding; in other words, stop using credit cards and try to reduce your interest rates if possible so your debt stops growing. It’s also wise to focus on building strong financial management skills that can carry you forward past this temporary snag.
If you can afford to make payments on your debt, consider a debt consolidation loan and/or a debt snowball or debt avalanche payoff strategy. That’s not always possible, though, particularly if you’ve already started missing payments or you don’t have a strong enough credit score to get approved for a good consolidation product. If that’s the case, working with a credit counselor, debt relief company and/or filing for bankruptcy can help you get your financial life back on track.

FAQs about government debt relief programs
Is “free government debt relief” for credit card debt a scam?
No such program exists, so any company claiming overwise is likely running a scam. As the Federal Trade Commission suggests, you should walk away if an organization advertises a government program that can erase credit card debt. Likewise, legitimate debt relief companies are legally prohibited from charging upfront fees. If a company asks for payment before a service is rendered, that’s a major warning sign.
Who qualifies for government debt relief programs?
Eligibility criteria vary based on the government agency running the program and target population. Generally speaking, many programs will require some proof of financial hardship. Some will require proof of employment in a certain field or residency in a specific area.
How do I know if a government debt relief program is legitimate?
Legitimate federal assistance programs are run through official government agencies or approved servicers. If you’re unsure, check for programs listed on the sponsoring agency’s .gov websites. Some non-profit organizations or companies may offer legitimate help with applying for government assistance, but promising special access to a federal program is a red flag.
Can I get a government grant to pay off debt?
There are federal grant programs to help lower-income Americans pay for specific expenses, such as heating or internet bills, but there aren’t any grants specifically for paying credit cards, personal loans or medical debt. You can research available government assistance programs at benefits.gov.

Key Takeaways

Credit card issuers may be willing to adjust your repayment terms if you’re struggling, including lowering your interest rate, waiving fees, offering a temporary payment plan or even canceling some of your debt.
Yet only 20% of respondents in a 2026 Freedom Debt Relief survey felt “very confident” contacting their creditors to ask for assistance.
Settling credit card debt for less than you owe typically requires being delinquent, and those missed payments can damage your credit.

More Americans are carrying credit card debt from month to month, with the number of consumers revolving a balance up nearly 6% since 2023, according to TransUnion.
Rising prices, stagnant wages and high borrowing costs have made those balances harder to manage, especially for moderate-income households that may be using credit cards to cover everyday expenses, according to a July 2026 report from the Financial Services Innovation Coalition.
If you’re struggling to keep up, negotiating with your credit card issuer could provide some breathing room. Depending on your situation, you may be able to lower your interest rate or monthly payment, waive certain fees or even settle the debt for less than you owe.
Here’s how to negotiate credit card debt yourself, when the strategy makes sense and whether it’s worth hiring a debt relief company to do it for you.

1. Confirm your total balance owed
Before you can negotiate credit card debt, you need to have a clear picture of how much you owe. Take a few minutes to go through each of your credit cards to note the current balance as well as your interest rate and payment history. If you can demonstrate a history of on-time payments, you may have more room for negotiation on things like late fees or asking for a lower interest rate.
To ensure you’re not overlooking any credit lines you haven’t used recently, it’s also a good idea to pull copies of your credit report from one of three major credit bureaus (Experian, Equifax or Transunion).
2. Decide how you want to settle
Credit card companies typically accept a few different types of plans, including paying a lump sum, setting up what are called workout arrangements or enrolling in hardship programs. The type of settlement that you choose will depend on your financial situation and how much you can realistically afford to pay each month.
Lump-sum payment
A lump-sum payment is a large, one-time payment that is less than what you actually owe on your account. For example, if you owe $10,000, you could offer to make an immediate payment of $7,000 in exchange for the company considering the debt paid in full.
Another type of lump-sum “payment” you can negotiate with a credit card company is aimed at reducing the principal on your account. In this instance, if you owe $10,000, you might ask the company to reduce that amount to, say, $7,000. This type of plan reduces your debt without necessarily having to make a large upfront payment. That said, the reduced principal amount will still be subject to interest and fees, so it could keep growing if you don’t pay more than the minimum each month.
There are two potential downsides to negotiating a lump-sum payment. The credit card company could report the forgiven amount to the IRS as taxable income, which could increase your tax liability. The company may also want to end its lending relationship with you and close the account once you pay off the negotiated amount, which could impact your credit score.
Workout agreement
A workout agreement means the creditor agrees to renegotiate the terms of your debt. With a credit card company, this usually means a reduction of interest or waiving fees for a certain period of time to help you pay down your balance. When the set time period expires (or if you fail to meet the terms of the agreement), the company’s regular terms and fees will likely come back into effect.
Workout arrangements are usually most effective for people with good credit who have historically made most or all of their payments on time.
Forbearance or other hardship program
A forbearance or hardship program means that the credit card company agrees to reduce or suspend your minimum payment, interest or fees due to financial hardship. It may be a good option for people who are experiencing a temporary setback, such as sudden job loss or an injury. If you are experiencing any type of financial emergency, you should call your credit card company as soon as possible to ask them about your options.
The program’s terms are typically tailored to your specific financial needs. For example, your reduced monthly payments may be based on your monthly income. If you’re considering forbearance, make sure to ask whether the credit card company will report your status to credit bureaus while you’re pausing payments. You also want to be sure you understand the terms. If, for example, a company suspends your monthly payments for a while but allows interest to continue accruing, you’ll leave the forbearance owing more than you did at the outset.
3. Contact your credit card issuers’ debt settlement department
Once you’ve gathered all your credit card information and decided which route you want to take, it’s time to get down to business. Call your credit card company and ask to speak to the department that handles debt collection and settlement. Alternatively, you could choose to write a letter to negotiate a debt settlement. This provides a nice paper trail of your communications, though completing the process via snail mail will usually take longer.
Regardless of whether you want to negotiate via phone or letter, you’ll need to be ready to share your name, contact information, account number and creditor information as well as a clear message stating your financial situation and settlement offer.
4. Explain your situation and how you would like to rectify it
Explain your financial situation using factual evidence, such as how much your income has decreased or why you are struggling to pay your credit card bills. Be very specific about the exact settlement that you want, including how much you’re able to pay, when you’re able to pay and what concessions you’d like, such as waived fees or reduced interest.
Negotiation tips to increase your chances of success
Nearly 7 in 10 borrowers in a recent survey from Freedom Debt Relief and Money.com said they considered negotiating with creditors as a “safe” strategy, yet only one-fifth of respondents said they felt “very confident” doing so. What’s more, 14% of respondents said they had started contacting creditors directly but didn’t actually complete the negotiation process.
Those stats aren’t necessarily a surprise, since going up against your credit card company can be intimidating and time consuming. Here are a few tips to boost your confidence and protect yourself as you negotiate.
Start negotiations before your debt is sold to a collection agency
Creditors typically send your debt to collections when it’s 120 to 180 days late (roughly four to six months). Once this happens, collection agencies may pursue repayment more aggressively and even sue you to recoup the money.
Your credit card company may be more open to negotiating your debt when you’re showing signs of financial trouble — especially if you previously had an excellent history of on-time payments — but before your account falls into an extended delinquency.
Don’t get discouraged if your first attempt fails
Negotiating credit card debt doesn’t happen overnight. Keep calm and remain polite if you don’t automatically receive the debt relief plan that you want or if the representative seems worn out for the day. Even if you’re unable to negotiate on your first try, you should continue calling back once a week or so until you’re happy with your terms.
Get your new terms in writing
If your credit card company agrees to a settlement or other type of payment plan, make sure you get the agreement in writing. Read the agreement to ensure you understand exactly what your plan entails. For example, double-check whether you can continue to use your card and whether the credit card company will report the agreement to the credit bureaus.
Keep a record of all communications
Document all your interactions with the company. Record the date of the communication, the name of the representative you spoke to and a summary of what was discussed. To keep a better record, it might make sense to opt for written communication, whether via email or certified snail mail.
If you make payments while you’re in the process of negotiating with the creditor, record the date of each payment, the amount paid and how the payment was made.
Should you use a debt relief company?
Debt relief companies — also called debt settlement companies — are businesses that work on your behalf to negotiate settlements for credit card debts and other unsecured debts. You may be able to save time and reduce your overall debt by hiring a debt relief company. But there’s no guarantee the company will be able to settle your accounts (just as there is no guarantee that you’ll be successful trying to negotiate a settlement on your own).
When you sign up, the debt relief company may suggest that you stop making monthly payments to your creditors, which can cause your credit score to drop. In the meantime, you’ll start making a monthly deposit into an account to build up cash that will be used to pay settlements.
By law, a debt relief company cannot charge any program fees — which typically total about 15% to 25% of your enrolled debt — until the company has reached a settlement and you have approved the terms. As each debt is resolved, your credit score should start to rebound.
About 75% of debt relief clients have at least one account successfully settled within three years, according to a 2021 study commissioned by an industry trade group. Overall, participants saw an average debt write-down of 32% on settled accounts, after accounting for fees.
If you do choose to go this route, you’ll want to do your research before enrolling with a specific company. First, check to ensure the Association for Consumer Debt Relief, which requires its members to follow standards aimed at protecting consumers, accredits the company. The best debt relief companies will have transparent fees, strong customer reviews and years of experience.
Alternatives to credit card debt settlement
If you can still afford to make payments on your debt and simply need help getting started, enlisting the help of a credit counseling agency could be a smart move. In exchange for a monthly fee, these agencies can help you set up a debt management plan and guide you through common debt payoff methods, such as the debt snowball and debt avalanche strategies.
Keep in mind: Credit counselors can ask for a lower interest rate from your creditors as part of your debt management plan. But they cannot negotiate to actually lower, or settle, your balance. On the plus side, because you continue making monthly payments, this is usually better for your credit.
Other options to get out of debt include a debt consolidation loan or a balance transfer credit card. In both cases, the goal is to consolidate your debt into one new account with better terms. The key with these options is you’ll need a decent credit score to qualify for lower interest rates, and of course, you’ll still have to stick to paying it off.

FAQs about negotiating credit card debt
Can I negotiate credit card debt if I’m still current on my payments?
Yes, if you’re negotiating with the goal of reducing your interest rate or monthly payment, being current on your payments may actually help your case. Negotiating to settle the account for less than you owe, though, typically requires being behind on payments so your creditors have an incentive to accept a smaller amount.
How much will credit card companies settle for?
If creditors agree to settle, they can accept a sum that’s anywhere between 30% and 80% of what you owe. The amount you’re actually able to negotiate will depend on the company’s willingness to settle, the amount of money you owe and what’s happening in your life. Companies are typically more willing to settle if you can demonstrate financial hardship.
Does negotiating credit card debt hurt your credit score?
More minor negotiations, such as a temporary interest rate reduction, shouldn’t have much of an effect. But your credit score is likely to take a hit if you’re withholding payments during the negotiation process. Those missed payments can remain on your credit report for seven years. Closing down accounts, which could decrease your available credit and even shorten your credit history, can also ding your score.
How much forgiven credit card debt triggers a tax bill?
Creditors have to issue a Form 1099-C notifying the IRS of a forgiven debt if the amount written off is $600 or more. The IRS treats canceled debt above that amount as taxable income unless an exclusion applies, with bankruptcy and insolvency the two most common exclusions.

Costco is known as a destination for Americans looking to save money on everything from TV dinners to TVs. But what about actually making money? The warehouse club is doling out a quarterly dividend of $1.47 per share next month. Is it worth it to buy the stock?
Despite sticky inflation and a downbeat consumer, Costco reported earnings per share of $6.75 in its most recent quarterly report released last month. This beat Wall Street’s expectation of $6.54 per share. The retailer said it would issue dividends next month; investors who own the stock as of Oct. 30 are eligible.

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Wall Street pros say that Costco’s wide array of bargains and member benefits, including pricey purchases like electronic equipment and cruise packages, appeal to higher-income shoppers as well as families who stretch tight budgets by buying in bulk.
“Costco has benefited from being more exposed to the higher-end consumer than a lot of the big-box retailers,” says Keith Buchanan, senior portfolio manager and partner at Globalt Investments.
Costco, like other stocks that depend on consumer spending, is vulnerable to the impact of slowing wage growth that hasn’t kept up with persistent inflation. But compared to its big-box retail brethren, Costco has an additional revenue stream in its membership fees, Buchanan notes.
“The last time they took membership rates higher, the street was surprised at how little attrition there was,” he tells Money. Investors are likely to assume that if sales contract, raising the cost of membership could provide a bulwark against eroding profits.
So should you buy Costco stock before Oct. 30?
Not everyone thinks Costco stock at its current valuation is worth it. “A great company is not automatically a great stock at any price,” Gavin Magor, director of research and ratings at Weiss Ratings, wrote in a recent research note. Weiss currently has a “hold” rating on the stock.
“Paid membership growth has now slowed for eight straight quarters. Paying a premium multiple for steadiness leaves little room for disappointment,” Magor wrote.
So the answer to whether or not you should buy Costco stock depends — like so many other investing decisions — on whether the retailer is a good fit for your long-term investing goals and risk profile, according to Arun Sundaram, senior vice president of investment strategy at CFRA Research.
“For many older investors that are closer to retirement and want more predictable cash flow… dividend-paying stocks are more attractive” than stocks that can grow faster but are more volatile, like tech stocks, he says. And you can’t realize those gains until you sell the stock — another reason why investors who depend on their investment portfolio for income prefer dividend-producing stocks.
At a current share price of roughly $990, next month’s dividend amounts to a dividend yield of just 0.6%. Other consumer stocks have had higher recent dividend yields. For instance, PepsiCo’s annual dividend yield is nearly 4.5%, and Clorox is close to 6%.
But Costco has also distributed more generous one-off dividends after extremely good quarters, such as a $15 payout in January 2024 and a $10 payout in December 2020. For this reason, some experts suggest that investors might want to give Costco a second look right now.
“A lot of investors look forward to that special cash dividend. Right now it looks pretty imminent, in our view,” Sundaram says.
“Costco tends to pay out these cash dividends once their cash balance starts to inflate a bit,” he tells Money. “If you look at their cash and cash equivalents balance, it’s at $21.3 billion, and the last time they paid, that same balance was $17.9 billion,” he says. “We’re past that previous threshold,” which might be an indication that the next super-sized dividend could be announced within the next year.
Investing pros care more about a company’s fundamentals, especially if they plan to buy and hold, than the particular date of issuance. “We don’t look at the timing of it,” Buchanan says.
But if you had buying Costco stock on your to-do list anyway, then, sure, get that trade in by Oct. 30 and you can get a payout roughly equivalent to the chain’s famous hot-dog-and-soda combo.

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Average mortgage rates today

Mortgage Type
Label
Rate
APR

30-Year Fixed
Most Popular
7.15%
7.19%

30-Year FHA
Lower Credit
6.77%
7.96%

30-Year VA
Military
6.84%
7.01%

30-Year Jumbo
High Balance
7.47%
7.5%

15-Year Fixed
Shorter Term
6.51%
6.58%

7/6 ARM
Shorter Term
6.61%
6.68%

HELOC
Home Equity
7.98%
7.98%

Home Equity Loan
Home Equity
8.23%
8.23%

Updated on 10/19/2026

Rate data provided by RateUpdate.com. Displayed by Mortgage Research Center, LLC, NMLS# 1907, Equal Housing Opportunity, Payments do not include taxes or insurance premiums. Actual payments will be greater with taxes and insurance included. Rate and Product details

Mortgage rates edged higher once again. The 30-year fixed-rate loan increased to 7.19%, up by 0.03 percentage points. Data that’s set to be released this week could influence rate movement, including housing starts, pending home sales and the personal consumption expenditures index.
Key mortgage rate averages:

The 30-year fixed-rate mortgage averaged 7.19% APR
The 30-year fixed-rate FHA mortgage averaged 7.96% APR
The 30-year fixed-rate VA mortgage averaged 7.01% APR
The 30-year fixed-rate jumbo mortgage averaged 7.5% APR
The 15-year fixed-rate mortgage averaged 6.58% APR
The 7/6 adjustable-rate mortgage averaged 6.68% APR
The rate on a HELOC averaged 7.98% APR
The rate on a home equity loan averaged 8.23% APR

Mortgage rate trends
Mortgage rates fell after the producer price index, another inflation measure, came in higher than expected. This new report followed Wednesday’s Consumer Price Index report, which was also higher than anticipated. Together, the results led investors to flee to the safety of Treasury bonds, causing yields to drop, with the 10-year note down almost 0.20 percentage points. Mortgage rates followed suit.
However, rates have been creeping higher over the past few days. Whether they move back up to the mid-7% level or stay in the low 7% range, where they are now, will depend on upcoming economic data.
Which loan is best for you?
When shopping for a mortgage, you may be offered several loan options to meet different needs. Here’s a rundown of the most common loan types you’ll find, and who they work best for.
30-year conventional mortgage: Conventional loans work best for borrowers who have a credit score above 620, have saved enough to make a down payment of at least 3% and are looking for flexibility in the type of property being purchased.
30-year Federal Housing Administration (FHA) mortgage: FHA loans are good for first-time homebuyers, borrowers with less-than-perfect credit scores or those with a high debt-to-income ratio.
30-year U.S. Department of Veterans Affairs (VA) loan: Specifically designed for active-duty and retired service members, members of the National Guard and Reserves, and surviving spouses. Offers 0% down loan options, competitive rates and accepts less-than-perfect credit scores.
30-year jumbo loan: Good for homebuyers purchasing property that is priced above the Federal Housing Finance Agency (FHFA) conforming loan limit. In 2026, that limit is $832,750 in most of the U.S. but increases to $1,249,125 in high-cost areas.
15-year fixed-rate loan: Borrowers who prefer a shorter loan term and can afford to make higher monthly payments will pay less overall interest with a 15-year mortgage and pay off the loan faster.
7/6 adjustable rate loan: Good for a buyer who wants to lock in a favorable interest rate for a set period of time and either plans on selling the home before the interest rate starts, is willing to make a higher monthly payment once the rate becomes variable or is open to refinancing the loan.
Home equity line of credit (HELOC): A good option for a homeowner who wants to access the equity they’ve accumulated in their home and have an open line of credit to use as needed.
Home equity loan: Another option for a homeowner who wants to access their home equity and have the financial capacity to take on a second mortgage.

How mortgage rates affect affordability
Your mortgage rate can make a big difference in how much home you can afford and how large your monthly payments are. That’s true whether buying your primary residence, an investment property or refinancing an existing loan.
Here’s an example. If you bought a $250,000 home and made a 20% down payment of $50,000, your starting loan balance would be $200,000. On a $200,000 home loan with a fixed rate for 30 years, here’s what you would pay:

At a 3% interest rate = $843 in monthly payments (not including taxes, insurance, or HOA fees)
At a 4% interest rate = $955 in monthly payments (not including taxes, insurance, or HOA fees)
At a 6% interest rate = $1,199 in monthly payments (not including taxes, insurance, or HOA fees)
At an 8% interest rate = $1,468 in monthly payments (not including taxes, insurance, or HOA fees)

Using a mortgage calculator lets you see how a lower rate or other changes could affect what you pay. A home affordability calculator can also estimate the maximum loan amount you may qualify for based on your income, debt-to-income ratio, mortgage interest rate and other variables. The Consumer Financial Protection Bureau can also provide a range of rates lenders offer in each state.

Current mortgage rates FAQs
What is a 30-year mortgage rate right now?
The average rate on a 30-year fixed-rate mortgage is 7.19% as of October 19, according to Money’s rate data. Other rate surveys show 30-year rates averaging above 7.3%.
Can you get a 4% mortgage rate?
No, not under current market conditions. A 30-year fixed-rate loan is averaging 7.19% as of October 19. Rates are likely to stay at this level or even increase.
Will we ever see a 3% mortgage rate again?
Mortgage rates are unlikely to fall below 3% in the near term unless a severe economic downturn occurs. However, rates averaged in the mid-3% range before the pandemic, so a return to that range at some point in the future is not out of the question.
How much is a $300,000 mortgage at 7%?
The monthly payment on a 30-year, $300,000 conventional mortgage at 7% is $1,995.91, excluding taxes, insurance and HOA fees. Your actual payment will vary depending on your credit score, down payment, lender and location, among other factors.

It has gotten much easier to buy crypto over the years. Today, you can buy the digital assets through PayPal, and numerous traditional brokerage firms even let their customers trade cryptocurrencies (despite many of them being reluctant to do so when the asset class was in its infancy).
But even now, most brokerage firms have some safeguards in play. Most of them limit you to the most established cryptos, such as bitcoin and ethereum, while others only provide access to crypto-themed exchange-traded funds.
However, even if you’re able to purchase crypto through your brokerage, those accounts don’t offer the same level of privacy for their customers, which was a major contributor to bitcoin’s initial success. When it comes to crypto, some investors prefer to operate under the radar and accumulate the asset without getting tracked.
This guide will detail the steps you can take to buy crypto anonymously or without verification.

Create a privacy-focused wallet
Some wallets offer stronger privacy features than others, but you’ll need to narrow your choices if privacy is the priority. For example, Wasabi is an open-source, non-custodial Bitcoin desktop wallet designed to improve on-chain privacy (including CoinJoin-style collaborative transactions) while keeping you in control of your keys.
Keep in mind that “private” doesn’t necessarily mean “anonymous,” and privacy features can depend on the wallet’s current infrastructure and coordinator options.
If privacy is your priority, avoid custodial wallets held inside centralized exchange/brokerage accounts, since those platforms typically link activity to your identity. Also note that using any self-custody wallet with a centralized platform (for buying/selling or cashing out) can connect your identity to wallet addresses through deposits/withdrawals.
You may consider utilizing assets like Monero (XMR) and Zcash (ZEC), which are specifically engineered for anonymity. Monero is a non-custodial privacy coin that uses stealth addresses to hide transaction histories, while Zcash offers “shielded” transactions that don’t require users to undergo KYC verification or reveal personal information to the public blockchain. These options allow you to maintain strict privacy when making crypto transactions and storing assets, provided you use a compatible, open-source wallet.
Exchange crypto at public locations
Crypto buyers can avoid leaving a digital trail by exchanging crypto at public locations. While this transaction will still show up on the blockchain, it makes you anonymous. You won’t have to enter your ID or provide any personal information when making these types of crypto transactions so long as you’re using a privacy-focused wallet.
Decentralized, peer-to-peer (P2P) platforms like Bisq and RoboSats, make it easier to find people in your area who want to trade crypto. You will then have to meet the other person in a public location, such as a library or cafe. For large transactions, it’s best to not show up alone while taking other measures to ensure your safety.
Crypto enthusiasts who make in-person deals have to provide the seller with their wallet’s address. While there are social media groups that connect people who want to conduct in-person, P2P crypto transactions, this route has become less common.
Bitcoin ATMs
Bitcoin ATMs are a great resource for accumulating bitcoin while remaining anonymous, but this option is only good for people who live near those machines. There are an estimated 39,653 bitcoin ATMs in the world, but 88.6% of them are located in North America, according to Coin ATM Radar.
You can buy or sell cryptocurrencies through these ATMs, but you may have limited options beyond bitcoin. If you want to buy crypto, you have to insert cash or a card; on the other hand, you will receive cash if you sell bitcoin through these machines.
Importantly, you don’t need a crypto wallet beforehand to use a bitcoin ATM, and that’s where anonymity comes into play. If you do not have a wallet, a bitcoin ATM will automatically create a digital wallet for you. Some bitcoin ATMs do not require any ID to create that crypto wallet or to enact a transaction. When using these machines, you’ll also receive a private key for the wallet it creates, allowing you to then accumulate crypto under the radar.
You can also create a digital wallet in advance and input that information when you use a bitcoin ATM to make your transactions. However, if you ever use your ID for a bitcoin ATM transaction, your wallet is no longer anonymous. Another considerable downside is that bitcoin ATMs have comparatively high fees, with some charging as high as 10% of a transaction’s value.
Prepaid crypto debit cards
Prepaid crypto debit cards are like regular prepaid debit cards, but they revolve around crypto. These financial products allow you to make crypto transactions without providing any personal information. You can load up on crypto with these cards and then use them to make purchases.
KemyCard, for example, is one of the top virtual crypto debit cards to consider. The card makes it easy to buy crypto and use it to make purchases, and it’s accepted worldwide. You don’t have to provide any personal information to open a Kemy Card, so you can operate anonymously when you buy and sell crypto.
There are some associate fees and restrictions, though. Beyond a monthly maintenance fee of $2, KemyCard charges 5% for when you replenish funds, the debit card is only good for three years and there is a transaction limit of up to $100,000 per month.
Should you buy crypto anonymously?
Buying crypto anonymously makes it more difficult for the government to track your financial transactions. Offline transactions also minimize the risk of cyberattacks resulting in lost bitcoin. While some crypto platforms have robust bitcoin insurance policies, others are not adequately prepared for breaches.
However, be mindful that making anonymous crypto transactions will affect liquidity. You will have fewer people to trade with, and private crypto transactions may incur higher fees. While centralized platforms like Coinbase and Robinhood don’t offer any privacy and are more prone to cyberattacks, they can cost a lot less in the long run.
For most people, it’s better to sign up for a crypto platform that collects details about users and even verifies your ID when you make purchases — no different than buying stocks with a traditional brokerage account. However, if your country bans crypto or you want to make sure no one can track your wealth, anonymous transactions may be the better option for you.

More from Money:
Best Crypto Wallets
Best Bitcoin Mining Software
Best Crypto Exchanges