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Why you should get a debt consolidation loan this June
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If you have high interest debt, you may be looking for options to eliminate it. As the cost of living continues to rise, balances with high interest rates can lead to financial hardship. One common debt relief option is debt consolidation. This typically involves taking out a new loan with a lower interest rate than the average one on your outstanding debts and using it to pay those debts off.
In doing so, you may be able to reduce the monthly and overall cost of your debt while simplifying the payoff process. But it may be wise to take the debt consolidation approach sooner, rather than later. And this June could be a smart time to act. Below, we’ll break down why.
Chat with a debt relief expert about your options today.
Why you should get a debt consolidation loan this June
There are several reasons why it may be a good idea to take out a debt consolidation loan this June. Here are two:
Rates could go up if you don’t act quickly
Interest rates change regularly. News about inflation, the Federal Reserve, politics and other economic factors can all cause rates to rise or fall. And, if they rise, you could miss your chance to lock in a low rate on your debt consolidation loan. Higher rates could lead to higher monthly payments on your existing debts, too.
One primary driver of movement in consumer interest rates is the federal funds rate. That’s the benchmark rate the Federal Reserve sets in an effort to keep inflation low and the United States economy growing. When inflation is too low, the Fed tends to reduce this benchmark rate. But, when inflation is persistently high, rate increases can become commonplace.
And, while the next inflation report is just days away (May inflation data is being released on June 12, 2024), the most recent report showed that prices grew 3.4% year over year in April. With that inflation reading above the Fed’s 2% target, the central bank could increase the federal funds rate at the close of its June meeting (taking place June 11 to June12, 2024). So, it may be advantageous to lock in your debt consolidation loan now, before the Fed has the chance to push interest rates up.
Get the debt relief you need before rates have a chance to rise now.
Debt consolidation may help you cope with inflation
High inflation is a painful reality for many. It means that prices are growing too fast for comfort. And, if you’re having a difficult time coping with the increasing cost of living, high-interest debt may expand your hardship.
But, debt consolidation can help.
When you consolidate your debts at a lower interest rate, you may experience a meaningful reduction in your overall monthly payment obligations. So, paying off your high interest debts with a debt consolidation loan this June may free money up in your budget to help you cope with increasing prices.
Debt consolidation can simplify your debt payments
With vacations and family obligations, summer is often a busy time. So it may be difficult to keep track of multiple debt payments this time of year. But a debt consolidation loan can help with that, too.
When you take this debt relief route, you’ll pay off multiple debts with a single loan. In doing so, you’ll turn multiple payments into one monthly payment – which can make your debt easier to manage.
The bottom line
Debt consolidation may provide the relief you need. And, if you’re having a hard time making ends meet, you should strongly consider taking this debt relief approach this June. If you wait too long, rates could go up, which may increase the monthly cost of your current debts as well as the debt consolidation loan you have access to later. Debt consolidation can also help you free up money to cope with persistent inflation while simplifying your payoff process. Talk to a debt relief professional about your debt consolidation options now.
A stowaway somehow made it onto a Delta Air Lines flight Tuesday from New York City to Paris without a boarding pass, officials confirmed.
The woman boarded Delta Flight No. 264 from John F. Kennedy International Airport to Paris Charles de Gaulle Airport, CBS News learned. She was discovered while the plane was in midair and was taken into custody in Paris.
In a social media video posted by a passenger, the captain can be heard over the plane’s intercom — after the plane landed in Paris — telling flyers that “we’re just waiting for the police to come on board, they may be here now, and they’ve directed us to keep everyone on the airplane until we sort out the extra passenger that’s on the plane.”
The circumstances of how she was found were unclear, and her name was not immediately released.
A Transportation Security Administration source told CBS News that the woman went through an advanced imaging technology body scanner at a checkpoint in JFK Airport after somehow bypassing the document and ID check portion of the TSA process.
In a statement provided to CBS News, a TSA spokesperson said that it could “confirm that an individual without a boarding pass completed the airport security screening without any prohibited items. The individual bypassed two identity verification and boarding status stations and was able to board the aircraft.”
In order to be present at an airline departure gate for boarding, an individual must have cleared a TSA security checkpoint.
After getting through TSA security, it’s unclear how exactly the woman boarded the Boeing 767-400ER without showing a boarding pass or passport to Delta staff.
“Nothing is of greater importance than matters of safety and security,” Delta said in a statement. “That’s why Delta is conducting an exhaustive investigation of what may have occurred and will work collaboratively with other aviation stakeholders and law enforcement to that end.”
French law enforcement and the TSA are separately investigating. The woman could be subject to a civil penalty or fine for bypassing the document check process.
There is new technology known as e-gates that are being rolled out at airports which involves using biometrics to check travel documents as part of the international departure boarding process. Such technology would have caught the stowaway.
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