In recent years, inflation and higher interest rates purposely designed to tame it have left millions of Americans struggling to make ends meet. And while inflation has dropped substantially from a decades-high in June 2022, it's still around a point above the Federal Reserve's target 2% goal. However, a consistently cooling inflation could soon result in a cut to the federal funds rate — and a subsequent reduction in the rates lenders charge borrowers.
But while that will be welcome news for the future, it will do little to address the debt many Americans have accumulated over the last few years. Fortunately, debt relief services can help. These services, which offer debt management plans , debt consolidation loans and even credit card debt forgiveness programs , can help borrowers regain their financial footing.
But borrowers will need to be proactive in pursuing their options and many should consider acting as the new month approaches. Below, we'll detail three reasons you should consider debt relief for August. See how the right debt relief plan could reduce what you owe here now .
Why you should consider debt relief for August Not sure if you should pursue a debt relief plan now? Here are three reasons why you should consider it for this upcoming August. The average credit card interest rate is around 22% right now while rates on personal loans are approximately 12%. Mortgage rates have come down slightly this year but still hover well over 6% currently – more than d.