Debt relief may not help with all types of debt. Find out what types of debt most debt relief services help with.
Whether you're dealing with mounting credit card balances, personal loans or any other type of debt, doing so can be unsettling in today's inflationary environment. With the Federal Reserve's typical response to high inflation levels being rate hikes, you may be dealing with higher interest rates and payments on your debts than you had a couple of years ago while you cope with higher costs at gas pumps and in checkout lines.
And, if prices continue to rise at uncomfortable rates, the Federal Reserve may increase its target federal funds rate . If that happens, the minimum payments on your variable-rate debts may rise - creating an even tighter budget crunch. 'Inflation is hitting everyday Americans and income hasn't kept up with price increases, so borrowers are feeling the burden,' says Aaron Cirksena, founder and CEO of the financial planning firm, MDRN Capital.
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