If you're stuck with high-interest debt, this August could be the time to explore some relief options. Here's why.
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.
A reduction in rates will be minimal to startSure, a reduction in the federal funds rate looks imminent but any cut that's issued will be minimal to start, offering some much-needed but still negligible relief. For many, the rate cut to come won't be worth forgoing the relief they can get now by consolidating their debts into a lower-rate loan, for example. Some borrowers, meanwhile, may already be eligible for credit card debt forgiveness.
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