As this year has progressed, the process of managing debt has become a lot more challenging for borrowers. Earlier hopes that borrowing and rate conditions would steadily improve have been upended by persistent inflation and renewed uncertainty over where the economy — and, in turn, borrowing costs — go from here. Those types of issues can have a big impact on a wide range of borrowers, but the ongoing uncertainty is particularly difficult to ignore for those who are already stretched by monthly debt payments.
And, this September, borrowers who have been waiting for some relief from those high-rate, inflationary pressures may need to reconsider whether waiting for the landscape to change still makes sense. After all, when you’re already struggling to keep up with what you owe, delaying action can mean spending more money on interest while making limited progress on your balances. And depending on what happens next with the economy, the conditions for paying down certain types of debt could become even more challenging.
That’s where the idea of debt relief comes in. While pursuing debt relief isn’t an appropriate solution for everyone, the circumstances borrowers are facing right now make this September a particularly useful time to reassess whether it’s time to get professional help.
Find out if you qualify to have some of your debt forgiven today.
3 reasons why debt relief could be worth pursuing this September
Debt relief can take several forms, from debt consolidation programs that restructure multiple high-rate balances into a more manageable payment to debt settlement programs that attempt to negotiate reductions in what you owe. Whether one of these approaches makes sense ultimately depends on your full financial picture, but the following factors could make debt relief worth considering now:
A Fed rate hike may be looming
The Federal Reserve is slated to meet again on September 15 and 16, and while there’s no guarantee that officials will raise rates, another hike could be on the table. Not only does inflation remain above the Fed’s 2% target, but Fed Chair Kevin Warsh recently indicated that policymakers still have work to do to bring rising prices under control.
That’s an important risk to note if you’re carrying credit card debt because credit card rates are variable, meaning that a Fed rate hike could ultimately lead to higher credit card rates. So, if the Fed rate rises, carrying a balance could become even more expensive, with more of your monthly payment going toward interest rather than reducing what you owe.
And, if you’re already struggling to make progress on what you owe, this September, it could make more sense to explore debt relief rather than waiting to see what happens. Depending on your situation, consolidating your debt could help lower the cost of repayment and streamline the process, while debt settlement could potentially reduce the amount you owe, and in many cases, settlement can result in 30% to 50% savings compared to the full balance. Taking action now, before borrowing costs potentially rise again, could make it easier to get ahead of your balances before they become even more difficult to manage.
Learn more about the debt relief options you may qualify for now.
Credit card rates are climbing
Right now, credit card debt is extraordinarily expensive for the average borrower carrying a balance from month to month. Case in point? According to the Federal Reserve’s latest data, the average rate on credit card accounts being charged interest is 22.15%.
At rates above 22%, a significant portion of your monthly credit card payment goes toward interest rather than reducing the total balance, particularly if you’re only making minimum payments. That can make it difficult to gain meaningful ground even if you’ve stopped making new purchases on the card.
That’s where certain types of debt relief could help. Enrolling in a debt management program, for example, could result in reduced interest rates and fees on your credit cards while replacing multiple high-rate card payments with one structured payment. Debt settlement, on the other hand, could make sense for borrowers who are experiencing significant financial hardship and can no longer afford to repay their balances in full.
Debt balances are increasing nationwide
If you’ve watched your debt balances grow this year despite trying to keep them under control, you’re far from alone. Consumers across the country are carrying more debt than they were a year ago, and credit card balances in particular continued to climb during the second quarter of 2026. New York Fed data shows that credit card balances alone rose by $21 billion in the second quarter, reaching $1.26 trillion.
That matters because growing balances can become increasingly difficult to manage in today’s economic landscape, especially if you’re already putting a significant portion of your income toward monthly payments. You may be making your payments on time but barely reducing what you owe, or you may be relying on your credit cards to cover expenses that your paycheck can’t quite stretch to cover. Either way, it can become harder to catch up once your balances start moving in the wrong direction.
If that’s happening to you, this September may be a good time to consider whether your current repayment approach is still realistic. Debt relief could potentially give you another way forward, whether that means consolidating your balances to make repayment more manageable or exploring debt settlement to try to reduce what you owe. The sooner you address the growing debt problem, the more options you may have.
The bottom line
Debt relief isn’t the right solution for every borrower, and there are trade-offs to consider, including fees, potential credit damage and, with debt settlement, no guarantee that creditors will agree to reduce what you owe. But heading into September, high credit card rates, growing consumer balances and uncertainty surrounding the Fed’s next move could make it worthwhile to assess your options sooner rather than later. If your debt has become unaffordable, comparing multiple debt relief strategies — along with their costs and risks — can help you determine whether changing course makes more sense than continuing with your current repayment plan.