Many Florida residents might think of skiing the Alps or scaling the top of Mount Everest when they hear words like snowballs and avalanches in the same sentence. Not many, however, would conjure up images of credit card debt. Yet, these things are connected in the financial world.
Many people in this state, as well as others in the nation, have significant credit card debt. Financial observers say this is often a sign of a booming economy, meaning people are making large purchases, which puts money into the economy. The problem is some of the people who are spending have no way to pay back their credit obligations.