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New economic considerations came to the forefront early Wednesday when the Commerce Department announced a shrinking in the gross domestic product (GDP) for the first quarter of 2025. GDP, which measures the overall value of services and products, shrank at a 0.3% annual growth rate for January through March, down from the 2.4% growth it experienced in the final quarter of 2024.
The news was not welcome for millions of Americans, particularly those already struggling making ends meet. Combined with a cooler but stubborn inflation rate, higher interest rates for longer and stock market performance that’s hurt the savings of many, the start of this May poses a challenge for many borrowers.
Specifically, should they continue to wait for relief that may not materialize in any reasonable amount of time, or should they instead look to tackle their debt on their own? And, if it’s the latter, is a debt relief program worth employing this May? While the answer will vary from borrower to borrower, for many, there’s a compelling case to be made supporting the use of a debt relief program in the new month. Below, we’ll explain why.
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Is a debt relief program worth it this May?
Not sure if it’s worth pursuing a debt relief program this May? Here are three reasons why it could be the smart move:
Your efforts aren’t helping
Sure, there are DIY strategies that can help you reduce your credit card debt. For example, a debt avalanche method aims at reducing the debt you have with the highest interest rates by putting more of your disposable income toward those debts. A debt snowball method, on the other hand, focuses on racking up quick wins by paying off debts in progressively larger amounts.
But if you’ve tried either (or both) and still haven’t made much of a difference in what you owe or, worse, have seen your debt load increase in the interim, then it could be worth exploring a debt relief program this May. With the help of a professional debt relief servicer, you can craft a plan that works best for your budget right now and finally start the delayed but important work of reducing your debt.
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Interest rates will stay the same in May
The hope that interest rates would continue to be cut in 2025 was high on January 1, following three rate cuts in the final months of 2024. But that was eliminated after the Fed’s January and March meetings, in which the central bank spoke of wanting additional data before it resumed the rate cut campaign.
Now, rate cuts look highly unlikely when the bank meets again on May 6 and May 7. The CME Group’s FedWatch tool lists a rate cut at just a 7.9% likelihood then. This is bad news for borrowers who were hoping the Fed would cut rates enough to impact the variable rates on their debt.
Not only does that appear unlikely for this May, but even if it were to occur, it would come in a minimal amount (just 25 basis points) and it would do little to affect credit card rates, for example, which are more tied to the prime rate versus the federal funds rate the bank adjusts. Understanding this unfortunate reality, and with compound interest worsening, many suffering under the load of high-rate credit card debt should strongly consider debt relief instead.
You need the money for other items
Are you spending more on your debt than you are on essential needs like utilities and groceries? Do you need that money for other, more critical needs for you or your family? Then it may be time to pursue a debt relief program this May. A credit card debt forgiveness program, for example, can potentially reduce your credit card debt by 30% to 50%, assuming you qualify. But it will take time to find a servicer, gather documentation, and get the program started. And, even then, it could take multiple years for a credit card debt forgiveness program to reduce what you owe, all on the assumption that you stop swiping your credit card in the interim. So it makes sense to get started this May, freeing up cash to use for your other pressing (and neglected) financial needs.
The bottom line
It’s never too late or too early to start a debt relief program, but for many American borrowers, this May could be the smart time to act. With personal efforts making a minimal impact, the reality of higher interest rates on pause substantial and the need for freed up cash for other items, this May could mark the start of your debt relief journey. Just be sure to explore your debt relief company options closely to better locate a reputable and reliable servicer.