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Inflation’s rising. Here’s how debt relief can help.
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At the end of 2023, hope was high that the worst of this inflationary cycle was over. The inflation report released in December showed inflation cooling in the month prior, and many hoped it would continue to fall into 2024 — and that interest rate cuts would soon follow.
Unfortunately, that hasn’t been the reality in the early months of the year. Inflation was hotter than expected in the first report of 2024 and it increased in February and March. This means the costs of many goods and services will remain high, as will interest rates for borrowers.
Amid this environment, many Americans may find themselves looking for ways to make ends meet and pay off high-interest debt. With the average interest rate on credit cards and personal loans in the double digits right now, it can be difficult to clear your debt. But with the right debt relief service, it may be possible.
You can easily review your top debt relief options online here.
How debt relief can help amid rising inflation
Here are three important ways debt relief can help amid today’s rising inflation rate.
It can consolidate your debt
If you have multiple high-interest debts you’re struggling to pay each month then debt relief may be worth pursuing. Debt relief servicers can help you consolidate your debts into one total debt consolidation loan. Not only will this help with budgeting (as you’ll have one payment each month versus multiple ones), but you may also be able to get a lower rate on the debt consolidation loan than what you have with your other debts, saving you in interest costs, too.
Learn more about your debt consolidation loan options today.
It can renegotiate your terms
If you think you can ultimately pay what you owe independently, but just need a little help with your current terms, debt relief programs can assist you via their debt consolidation programs. By choosing this option, you’ll have debt relief professionals renegotiate your payment plans and interest rates directly with your lenders on your behalf.
In the end, you’ll wind up making a payment to the debt relief company instead of the companies you owe money to. Those funds will then be disbursed on your behalf to those companies, streamlining the payoff process in the interim.
It can forgive your debt
Debt relief services can also help build a plan toward credit card debt forgiveness. But the way forward here is key, as debt settlement programs can temporarily damage your credit score, but they won’t have the same long-term negative credit score impact that bankruptcy would, for example.
Either option could result in having your debt forgiven, though, so if today’s inflation and elevated borrowing costs have left you with more debt than you can conceivably handle, these options are worth investigating now.
The bottom line
With inflation more problematic than many had hoped for this year, and the borrowing costs and daily prices for common good unlikely to fall anytime soon, it may be worth exploring alternative ways to get your finances back in order. Debt relief services can help by consolidating your debt, renegotiating your terms with lenders and potentially even having your existing debt forgiven (although, again, this comes with serious credit ramifications). Just don’t let your debt stagnate and instead use this week’s inflation news as motivation to restore your personal financial health.
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These days, you’ll find Peggy Noonan in many places: in front of commencement crowds, at political round tables, and for the past quarter-century, in the opinion section of the Wall Street Journal. But when she was just starting out in Washington, D.C., you could find Noonan at the Off the Record Bar, near her job at the White House. “I would sit over there by myself, I would order a beer or a glass of wine, and I’d just quietly sit and read,” she said.
In 1984, Noonan joined President Ronald Reagan’s staff, after working at CBS in New York. At first, she felt like an outsider in the buttoned-up West Wing, but soon became an acclaimed speechwriter. Early on, she wrote Reagan’s moving speech for D-Day’s 40th anniversary.
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Then, when the Challenger shuttle tragically exploded, Noonan was given a tough assignment: write Reagan’s address to a distraught nation. “I had a feeling of, that didn’t work, nothing worked, because nothing was worthy of that moment; nothing was worthy of that day,” she said. “But then Frank Sinatra called – he called that night to the White House to say, ‘Mr. President, you just said what needed to be said.’ And Frank didn’t call after every speech!”
By the late eighties, Noonan had cemented a reputation as a wordsmith, and Reagan turned to her for his farewell address:
“We made the city stronger, we made the city freer. All in all, not bad, not bad at all.”
George H.W. Bush turned to Noonan, too, as he rallied Republicans on his way to the White House. “You know, part of life is luck,” she said. “It was not lucky to follow dazzling Ronald Reagan and be plainer, seeming sturdy George H.W. Bush. But I believe history was not – certainly in his time – sufficiently fair to him.”
That opinion is one of many found in the pages of her new book, “A Certain Idea of America,” a collection of her recent work (to be published Tuesday by Portfolio).
Portfolio
Asked what her idea of America is today, Noonan replied, “Big, raucous, troubled, frayed.”
Noonan’s columns often delve into questions of character and leadership. “What I do not perceive now is many politicians who are actually saying, Guys, this is not good for the country. We’ve been given this beautiful thing called America. Shine it up! Keep it going!”
Costa said, “You have a lot of fun in this book, doing what you call taking the stick to certain people from time to time.”
“I don’t mind the stick at all,” said Noonan. “When I see something that I think is just awful, I love to get mad at it. I got mad at John Fetterman.”
“You don’t like that he’s wearing shorts?”
“It’s okay with me that he wears shorts,” she replied, “but he is not allowed to change the rules of the U.S. Senate to accommodate him in his little shorts and hoodie because he enjoys dressing like a child.”
Noonan, now 74, grew up in the Democratic strongholds of New York and New Jersey. “And I was very happy with that, because Democrats were cooler than Republicans,” she said. “Democrats were little Bobby Kennedy, and Republicans were, like, Dick Thornburgh!”
But in Reagan, she saw something fresh. “You looked at him, you saw his confidence, and it made you feel optimistic,” she said.
The Gipper, of course, no longer dominates the Republican Party, and President-elect Trump’s victory could transform the GOP even more in the coming years. “In terms of policy, the Republican Party has changed by becoming, not a standard, usual conservative party, but a populist party,” Noonan said. “Its issues have changed very much. But also, the edge of anger and resentment and, I’m afraid, a little paranoia that is in the Republican Party now would be something that Reagan did not recognize.”
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At the Off the Record Bar, the faces on the wall – caricatures of politicians of the past – and at the tables still catch her eye. For Noonan, it’s all part of the story – America’s, and her own.
Costa said, “In a way, you’re still the writer in the corner watching everybody at the bar in Washington.”
“Yeah, I like to watch them, she said. “They’re human, and you bring a little warmth to it, a little humor, and always bring your stick and smack them when you need to! It’s kind of nice.”
READ AN EXCERPT: “A Certain Idea of America” by Peggy Noonan
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Story produced by David Rothman. Editor: Joseph Frandino.
