Three reasons debt relief could be worth considering this September

Borrowers who are struggling to make progress on their debt may need to reconsider whether waiting for better conditions makes sense this September. Persistent inflation and uncertainty over the economy have made monthly payments harder to manage.

The Federal Reserve is scheduled to meet on September 15 and 16. Although a rate increase is not guaranteed, the article says one remains possible because inflation is still above the Fed’s 2% target. Fed Chair Kevin Warsh has also indicated that policymakers still have work to do to control rising prices.

Higher rates pose a particular risk to people carrying credit card balances. Credit card rates are variable, so another increase could make it more expensive to repay existing debt. Delaying action could mean paying more interest while making limited progress on balances.

Debt relief can take different forms. Consolidation programs may restructure several high-rate balances into a more manageable payment, while settlement programs seek to negotiate reductions in the amount owed. Neither approach suits everyone, and the article advises borrowers to assess their full financial situation before seeking professional help.