Peru Lima Inflation Index Surprisingly Falls in May
Inflation in Peru's capital fell slightly in the month of May, surprising economists who were forecasting a small increase.
Consumer prices fell 0.06% month-on-month, compared to the median forecast of 10 economists who expected inflation to rise 0.13%. On an annual basis, the inflation index rose slightly to 1.69%, lower than the 1.87% forecast.
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Against this backdrop, then, many borrowers may be ready to explore their debt relief options. And that could be a smart idea, especially when considering the likelihood of credit card interest rates declining this June. Below, we'll explore that potential in closer detail as well as what next steps borrowers may want to take to regain their financial independence. Start by seeing which debt relief option could be right for you here. Will credit card interest rates fall this June? The odds of a credit card interest rate decline this June are relatively low. Here's why: A rate cut appears unlikely The Federal Reserve has not issued an interest rate cut since December 2024 and the central bank doesn't appear poised to issue another one this month. The CME Group's FedWatch tool has a rate cut for when the Fed meets again on June 17 and June 18 listed at just a 4.7% chance. A higher federal funds rate, then, will essentially give credit card companies the coverage they need to keep rates high. And, even if Fed rate cuts are issued later in the year, they're likely to be in the amount of just 25 basis points, which will barely trickle down into the credit card interest rate climate, underlying the importance of taking proactive steps to reduce your credit card debt in the interim. Explore your credit card debt relief alternatives now. Credit card rates are influenced by more than just the Federal Reserve Even when (or if) Fed rate cuts are issued, they're likely to have a muted impact on credit card rates, at least to start. That's because credit card rates are impacted by more than just the Federal Reserve. This was proven in late 2024, amid the recent Fed rate cut campaign, when the bank issued three consecutive rate cuts, credit card rates actually climbed to a new high. Impacted by items like the prime rate, too, credit card users will need a series of factors to align to see credit card rates decline, and it'll have to happen over an extended and sustained period, to make a material difference in what they pay each month. And that's unlikely to all occur before June 30. Economic uncertainty remains a concern With inflation declining, interest rates frozen, stock market performance rising and falling and economic policies and strategies in flux right now, most credit card companies won't be rushing to reduce the rates they offer borrowers. Until the market stabilizes, inflation concerns subside and stock market volatility wanes, credit card rates are likely to remain high for borrowers. Waiting, then, to take action to address your credit card debt is largely unadvisable. Credit card debt relief options to explore now So, credit card rates are likely to remain high for the foreseeable future. But that doesn't mean you need to let your debt situation deteriorate further. Instead, consider your eligibility for a series of debt relief options. Credit card debt forgiveness, for example, can result in you having your credit card balance cut by 30% to 50%, depending on your eligibility. Debt consolidation loans, on the other hand, can help you reduce your interest rates almost immediately by consolidating your credit card balances with a low-rate personal loan instead. Balance transfer credit cards, meantime, may seem counterintuitive since they'll require opening another credit card but these often come with much lower rates than what you already have, allowing you to make one payment on one card each month (and you'll dramatically cut your balance in the interim). So, be proactive and research your options. You may be surprised at how powerful (and cost-effective) some of these are for your debt situation. 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