3 reasons to continue debt relief in May

Prices increase. This is not only true for consumer goods and services, it is also true in terms of cost of borrowing money. And if you have debts with variable interest rates – as credit card and certain other loans – you might be dealing with higher minimum payments than you’re used to. In a context of rising costs, it is becoming increasingly difficult for some consumers to make ends meet. Especially for those with high-interest debt.

If this is true for you, you should pursue debt relief service This can. Debt relief programs can help reduce the cost of your debts, making financial navigation easier in the current inflationary environment. And now is the opportune time to pursue this option. Below we will explain why.

Find out how a debt relief service can help you now.

3 reasons to continue debt relief in May

Here are three reasons you should pursue debt relief This can:

The Fed kept its rates stable

The latest meeting of the Federal Open Market Committee (FOMC) ended yesterday. This is the meeting at which the Federal Reserve makes monetary policy decisions, such as whether to change its benchmark federal funds rate. Following the FOMC meeting, the Fed issued a statement indicating that it would maintain its federal funds rate target at its current level, a A peak for 23 years.

Since the federal funds rate is the benchmark used by many financial institutions to determine consumer interest rates, this is bad news for borrowers. This means that interest rates on variable rate debt may not drop anytime soon. In turn, payments on these debts will remain high.

So if you are you are having trouble making your minimum payments, you should continue debt relief in May. In doing so, you may have access to lower interest rates And minimum payments – alleviate some of the burden of current high rates.

Take advantage of lower rates and payments today with a debt relief service.

Persistent inflation could increase the chances of a rate hike

“It’s understandable to consider debt relief during times of inflation,” says Dutch Mendenhall, CEO and founder of RADD Companies, a family of companies that provide financial and investment services. “Debt relief services can negotiate better terms, making debts more manageable amid rising costs.”

This is important because rising costs don’t show many signs of abating. As inflation continues to exceed the Federal Reserve’s 2% target, the cost of debt could rise further. After all, rate hikes are The Federal Reserve’s Favorite Way to Fight Inflation.

However, if you sign up for a debt relief service in May, your provider will usually ask you to do so. negotiate better rates and conditions on your behalf. So, taking advantage of debt relief could protect you against the possibility of higher interest rates on your debt in the future.

The longer you wait, the more your debt will cost you

Debt can be expensive. And interest rates typically account for the majority of that cost. But interest is a time-based expense. This means that the longer you stay in debt, the more interest you will typically pay as you invest. repay.

But if you sign up for a debt relief service in May, you could reduce the cost of your debt. Here’s how:

• Time: Since being in debt longer means you’ll typically spend more money to get out of debt, sign up for a debt relief service that speeds up the payment process could lead to savings.
• Interest reduction: Debt relief services are usually able to reduce your interest rates, either through negotiations or with a debt consolidation loan. So, signing up for a debt relief program next May could pave the way for substantial interest savings.

The essential

Dealing with mounting debt while prices and interest rates continue to rise can be stressful. But one debt relief service can help you alleviate that stress. Given the Federal Reserve’s decision to keep its benchmark rate steady, the persistent inflation we’ve seen so far in 2024, and the fact that debt gets more expensive the longer it lasts, it t is a wise idea to continue debt relief in May. Compare the top debt relief options now.