Why You Should Consider Debt Relief in September

After suffering the worst inflation For more than 40 years, Americans are finally beginning to feel some relief. Inflation cooled in July for the fourth consecutive month, moving closer to the Federal Reserve’s 2% target (it is now 2.9%). federal funds rateThe interest rate, which has remained stuck at its highest level in more than two decades, is expected to be cut at the Fed’s next meeting in September. And while the rate doesn’t directly determine what lenders offer borrowers, a cut in the rate could lead to lower rates across a wide range of products.

But knowing that help is on the way does little to help those who have have maxed out their credit cards and are already in delinquencyFor these borrowers, and millions of others, aggressive action must be taken now to help them regain their financial health. Fortunately, debt relief serviceswho offer everything, from credit card debt forgiveness has debt consolidation loanscan help. But how do you know when it’s time to consider this option? Below, we’ll break down three reasons why you should consider it this September.

Find out here how the right debt relief option can help you.

Why You Should Consider Debt Relief in September

Not sure if a debt relief service is right for you? Here are three reasons why that might be the case:

The relief will be marginal to begin with

If the Fed does decide to cut rates for the first time in 2024 at its next meetings on September 17-18, the cut will likely be marginal at first. While some expect a half-percentage point cut, others expect a cut of just 25 basis points. And because lenders don’t directly track the Fed’s actions and some have already “priced in” the expected rate cuts coming, the amount you pay to borrow money will likely be adjusted only slightly. It won’t be until months of cuts and other economic measures have elapsed that you’ll see major changes.

So don’t expect any significant relief in September. Instead, use this time to start exploring your potential debt relief options.

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The process takes time

Debt relief can help borrowers of all types, but it’s not a quick fix. It will take time, diligence, and strict adherence to whatever strategy you ultimately choose. Credit Card Debt Cancellationfor example, can last on average two to four years and you still won’t get all of your debt forgiven (only a portion). Other types of relief can be shorter, but none are likely to have a dramatic and rapid effect.

So if you know you need help, don’t delay. Even the best-laid plan won’t be enough to significantly reduce your debt by September, but it’s better than waiting until October or November to start.

You can’t afford to pay more

If you’ve already tried to cut back on your spending as much as possible and have limited your lifestyle to make ends meet, but you still can’t afford to pay more towards your debt, it may be time to give in and look into a debt relief option this September. Admitting that your debt has gotten out of control is the first step towards regaining your financial freedom. And with various options ranging from debt forgiveness to debt consolidation and, in extreme circumstances, bankruptcyyou have several paths to take.

Don’t sit idly by. Between what you currently owe and the additional fees and penalties that come with it, the longer you wait, the more debt you’ll have to settle with a debt relief provider (and the more damage you’ll do to your credit rating).

The essentials

If you’re one of the millions of American borrowers struggling with high-interest debt, know that you’re not alone. And understand that you have options to explore. This September is a great time to do so. Given that economic relief, when it comes, will be marginal at first and the process will take time to play out, it makes sense for many borrowers to get started now. And if you can’t afford to pay more on your current debt, it makes sense to contact a debt servicer who can work with you. By taking these steps now, you can, at a minimum, get the ball rolling in September and begin restoring your financial health in the weeks and months that follow.