3 reasons why debt relief could be worth pursuing this September
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TL;DR
- Persistent inflation and economic uncertainty are increasing the difficulty of managing debt.
- Borrowers who have been waiting for relief may need to reconsider, as delaying action can increase interest costs.
- A potential Federal Reserve rate hike on September 15-16 could lead to higher variable credit card rates.
- Average credit card rates are currently above 22%, making balances expensive to carry.
- Nationwide consumer debt balances, particularly credit card debt, have been increasing.
- Debt relief options include debt consolidation and debt settlement, which can offer lower payments or reduced principal amounts.
- While debt relief has trade-offs like fees and potential credit damage, the current economic climate suggests exploring options sooner rather than later.